Product Life Cycle
Introduction Stage:
The product is first introduced to the market. Typicalcustomers are early adopters and the product often is experimental in nature.Growth Stage:
The product gains consumer awareness and becomes popular amongst the average consumer sparking rapid sales growth. Can be associated with new innovations that make the product more practical or more affordable for the consumer.Maturity Stage:
The product has become widely adapted and innovation slows though competition is very intense due to the products market success.Decline:
The product reaches market saturation and becomes commoditized. Sellers often reduce prices or offer special incentive to attempt to recapture the maturity stage. In some cases the product becomes obsolete and the seller must decide whether to squeeze all possible profits out or abandon the product an minimize their losses.
