The Product Life Cycle is a cycle important in marketing management, if you are a marketing analysis, the market I’m assured that you are familiar with via product lifecycle.
I decide to published and discussed The Product Life Cycle to people involve in business but they aren’t familiar with Product Life Cycle
Our objectives are to help small business people to discuss the product lifecycle.
1. Introduction
Introduction part of product lifecycle when the company introduced a new product to the market, life, for example, you own a coffee shop you introduced your new gigs or let’s say you discover a new coffee and you decided to sell it with a unique taste or lets you own a car wash shop and you own a machine that is helpful to clean fast a car.
2. Growth
The growth it is when you’re newly introduced product will increase demand and sales, like for example, you started selling a new flavor in your coffee shop the demand will increase and a no. of people visited your coffee shop will buy a new coffee flavor that can lead to increase your sales rapidly.
3. Maturity
The Maturity stage when you’re product is out of trend or the level of competition in a market is increasing it will affect your sales, other coffee shops your competitor copied your new flavor they also sell it on there coffee shops that can lead to decrease your sales, other explanation Milk Tea is from East Asia country, someone from the Philippines visit HongKong for business purpose to look for new product that they can sell in the Philippines, they buy company name, menu, and procedure of how to create a delicious milk tea, and they started to sell it on the Philippines Market, Pilipino love milk tea and someone found out that it can be a business on there own and it leads to increase the no. of competitor that may lead Milk Tea Product into maturity.
4. Decline
The Decline stage it’s when your product is out in the market, your coffee shop newly flavor that increases your sales leads to decline because no one buys this new coffee newly flavor it because it decreases sales and customer can buy it anywhere.
Tip: always do product design or research
Learn more: Product Life Cycle
Published on AM Business
related published article: What is Marketing
How to choose product in business
Product Life Cycles Guide To Implement Effective Marketing Practices
Why aren’t you Shifting your Product Life Cycle Management into the Cloud
image sources: http://ososimpletechnologies.com/2013/04/follow-tips-successful-network/
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