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Product life cycle - Coggle Diagram
Product life cycle
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Introduction Stage
The introduction phase will involve high costs in research and development and the product may have been test marketed before launching, so profits may be negative
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Decline Stage
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The business may decide to heavily discount to get any last sales before the product becomes obsolete
There is a trend towards more disposable items rather than products that can be fixed or repair – they are simply replaced with new ones, therefore repairable goods are in decline phase
Maturity Stage
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Products have to be discounted to keep sales high – so prices may be lowered or the product may be put on sale
Like humans - products go through a life cycle From research and development at the start to launch (birth) and through to decline (death) Some products take longer than others to go through the life cycle
The marketing mix will change depending on the stage of the life cycle the product is at