The document outlines the four stages of a product's lifecycle: introduction, growth, maturity, and decline. It then provides more details about each stage, noting that the reinvention stage involves making corrections to a product in response to competitors and other external factors to pull the product out of decline.

3.  INTRODUCTION/
LAUNCH
 Growth
 Maturity
 REINVENSION
 Decline

4. Introduction Costs
are high. Sales grow
slowly. There is little
or no competition.
Demand has to be
created. Customers
need encouraging to
try product. The
product rarely makes
money.

5. Economies of scale
cause cost reduction.
Sales increase
significantly. Product
begins to make money.
Public becomes more
aware of product.
Competitors introduce
similar products. Higher
competition leads to
lower prices.

6. Product volume
increases, costs are
lowered. Sales peak
and market saturation
reached. Competitors
continue to enter the
market. Prices drop due
to competing products.
Brand differentiation
and feature
diversification
emphasized. Industrial

7. THE PROCESS OF
MAKING CORRECTIONS
ACCORDING TO THE
COMPETITORS AND
OTHER EXTERNAL
FACTORS IS KNOWN AS
REINVENSION. HERE THE
SELLER NEED TO
ANALYSE THE MARKET
CONDITIONS TO PULL
HIS PRODUCT FROM THE
DECLINE STAGE

8. Decline Costs
become less than
optimal. Sales go
down or stabilize.
Prices and
profitability
decrease. Efficiency
determines
profit, rather than