Please enable JavaScript.
Coggle requires JavaScript to display documents.
PRODUCT LIFE CYCLE, Central Themes, Central Themes - Coggle Diagram
PRODUCT LIFE CYCLE
External Factors
Technological changes
Economic conditions
Regulatory changes
Competitive landscape
Introduction Stage
Characteristics
Low sales
High marketing costs
Limited competition
Strategies
Build awareness
Focus on early adopters
High price (skimming) or low price (penetration)
Challenges
Need for extensive promotion
Slow sales growth
Maturity Stage
Strategies
Product differentiation
Market segmentation
Discounts, promotions to retain market share
Characteristics
Sales peak and plateau
Intense competition
Market saturation
Challenges
Reducing profit margins
Growth Stage
Characteristics
Rapid sales increase
Growing competition
Economies of scale begin
Strategies
Expand distribution channels
Improve product quality
Aggressive marketing and advertising
Challenges
Managing competition
Maintaining customer loyalty
Decline Stage
Characteristics
Minimize costs
Focus on niche markets or exit
Consider product discontinuation
Strategies
Managing declining sales
Efficiently withdrawing or liquidating inventory
Challenges
Sales decline
Shifting consumer preferences
Market exits
Product Modifications
New features or updates
Rebranding or repositioning
Introduction of complementary products
Central Themes
Marketing strategies at each stage
Role of customer feedback
Revenue and profitability trends
Product innovation and extensions
Central Themes