Vocabulary【Product Lifecycle】
product lifecycle
A product lifecycle is the four stages of a product's life.
Each stage has its own unique characteristics and challenges.
the market introduction stage
The first stage is the market introduction stage.
At this point, a new product has just been launched and its market share may be small.
Businesses can invest in marketing and promotion to build demand.
the growth stage
Products that make it through the introduction stage reach the growth stage.
In the growth stage, product sales grow as consumer demand increases.
As a result, competition may increase as more businesses look to share the market.
Companies often need to update their products to stay competitive.
the maturity stage
In the maturity stage, the market becomes crowded due to fewer new customers and stronger competition.
As a result, sales growth peaks and begins to slow down.
At this point, a business may lower its prices or explore new markets to increase sales.
the decline stage
In the decline stage, product sales decrease as competition becomes stronger.
Since the popularity of a product falls, making a profit becomes more difficult.
As a result, a business may cut production costs or discontinue the product.
Question
- What can investing more in marketing and promotion help build
> consumer demand
