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Product Life cycle (Phase 2:Introduction (During this phase the product is…
Product Life cycle
Phase 2:Introduction
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At first sales usually increase slowly, with only early adopters buying
As the business use more promotional strategies, sales tend to increase.
During this phase there is usually very little(or no) profit because the business first has to recover all the research and development costs.
Phase 3: Growth
Agressive promotional strategies start to attract the attention of the customers and sales usually increase.
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Business needs to be aware of how competitors are reacting to the introduction of its product in order to adapt to its promotional and pricing strategies to remain competitive
At this stage the business usually starts to make a profit,as the development costs are being recovered
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Phase 4: Maturity
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Sales decrease and the business has to be innovative to retain optimal customer loyalty and ensure repeat purchases
Few products/services will continue to sell indefinitely in it initial form. Over time the product/service may go through various phases that usually go from the development phase to a time where the product/service has become obsolete and it is then withdrawn from the market
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