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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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Growth Stage
A business may advertise the product to take advantage of
the high demand
Growth phase products are enjoying rapid growth in sales and profits
At this stage the customers are aware of the product and demand is high.
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
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