have a look on life of a product

2. VARIOUS
STAGES
OF
PRODUCT
LIFE

4. Stage

5. The introduction stage of a product's
life cycle is when company can build
an awareness of product or service
in certain markets and develop a
specific market. At the introduction
stage, you should focus on the
following marketing factors:
• pricing
• distribution
• Promotion
At this stage, sales are very less at
this stage and no profits or losses
might be occurred.

7. GROWTH
STAGE

8. Company’s sales and profits starts increasing
and competition also begin to increase. The
product becomes well recognized at this stage
and some of the buyers repeat the purchase
patterns. During this stage, firms focus on
brand preference and gaining market share. It
is market acceptance stage.
New features and improvements in product
quality may be done. All this is done to compete
and maintain the market share.
Price is maintained or may increase as
company gets high demand at low competition or
it may be reduced to grasp more customers.

9. EXAMPLES

10. MATURITY
STAGE

11. During the maturity stage, promotion cost is less
due to brand recognition and brand loyalty. The
price is usually lowered during the maturity stage
due to high competition. Consequently, the
profitability of the product is lower during this
stage even though the sales volume is high. this
stage but needs nurturing. The entrepreneur must
make a strong effort to differentiate product
from the competitor’s product. Many competitors
enter the market with similar products at lower
prices. An entrepreneur must maintain a strong
brand loyalty and market share by using creative
marketing and pricing strategies.

12. EXMPLES

13. DECLINE
STAGE

14. During the decline stage, the sales
deteriorate with each passing day. The
price also falls during the decline stage,
making it very difficult to recoup the original
cost of the product and the increasing
warehouse costs. The lack of consumer
interest may be the deciding factors to
liquidate the product to discounters. An
entrepreneur should not wait until a product
reaches the decline stage before
introducing a new or modified product.
There is no competition.

15. EXAMPLES