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product life cycle - Coggle Diagram
product life cycle
Different steps
Introduction
Involve high costs in research and development and the product may have test marketed before launching, profits may be negative
Growth
Rapid growth in sales and profits, this stage customers are aware of the product and demand is high
Development
First stage of product life cycle, cash flow is tight, and this is very expensive phase and product is not making any revenue and therefore no profit
Maturity
Face intense competition now all the producers have joined the market, sales are high but slow grows
Decline
Products may be limited in production, sales are fallen and product may be withdrawn.
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