1.Briefly explain the stages of the Product Life Cycle
2. Why does company need to know what stages of the Product Life Cycle its products are in?
3.How can marketers extend the life cycle of an established product?
use examples to explain or illustrate
Every product has its own life cycle. The stages of the product life cycle follow an S-shaped curve that is made up of five stages. The first stage is a Product Development Stage and in that stage, the product is developed and which kind of product is made and its idea. The next stage is the Introduction Stage, it deals with low profit and slow growth. If this stage goes well it enters the next stage i.e. Growth Stage, which increases the profit and growth in sales. The next stage is the Maturity Stage where the sales get slow and the profit stabilize. The product now enters the final stage that is the Decline Stage in which the sales, as well as profits, decrease. Here, the company will decide whether the product will be dropped or it will maintain the harvest by doing some changes in the product.
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