Introduction: The product lifecycle is a framework used in marketing to describe the stages a product goes through from its initial launch to its eventual decline in the market. It helps businesses understand and anticipate changes in product sales and consumer demand over time.
Stages: The product lifecycle typically consists of four main stages:
Introduction: The product is launched, and marketing efforts focus on building awareness and generating interest.
Growth: The product gains popularity, sales increase, and competitors may enter the market.
Maturity: Sales peak as the market becomes saturated, and efforts shift to differentiation and maintaining market share.
Decline: Sales decrease due to market saturation, technological advancements, or changing consumer preferences, leading to potential product discontinuation.
Importance: Understanding the product lifecycle helps businesses make informed decisions about marketing strategies, pricing, product development, and resource allocation, optimizing product performance throughout its market presence.
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