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product - Coggle Diagram
product
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Product life cycle
- Introduction- the product is launched, but it doesn't get many sales as it isn't very well-known, informative advertisement is used to make the product more known. There is usually no profit
- growth-Sales start to grow, and the company starts to make profit
3.maturity-Sales start to get slower, Competition rises so pricing is normally based on competition pricing. There is a lot of competitive advertisement to maintain sales
4.product extension-The product continues to thrive, overcoming competition and continuing advertisement
- Decline-Sales start to fall and there is a lot of competition. Advertisement is probably discontinued
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Product development
- An idea is generated of what a product could be
- Then the product is analysed, seeing if it is capable of selling in the market
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marketing
Marketing refers to activities undertaken by a company to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses.