The 5 Stages of a Product Lifecycle
1) Development
The development stage is all about research. You want to delve into looking at information about the products you want to offer before going to the manufacturing stages. Do you have solid proof that it will work and succeed, and have you compared it to existing products on the market?
2) Introduction
The introduction is all about the way you introduce your product to the world. Using your plans from the development stage, you will be implementing yours across the chosen methods that are guaranteed to make leads.
3) Growth
Growth is the rate of sales increasing at its fastest speed. In this stage, it also shows the data of how your product may be in demand.
4) Maturity
Maturity is where sales have risen to its peak. This usually shows on the table that the growth of your product has slowed down. You should look at the data and market to see if there has been any competitors or malfunctions that have hindered your results.
5) Decline / Extension
This is the last stage of the product lifecycle. In this step, it can go either way, Decline or Extension. The decline means the product has failed to increase in its growth after the maturity stage. You tend to see a drop in sales and potential leads, and we then think about whether in this stage we drop the product and remove it from the market.
Although there is an opportunity to not give up on your product and extend its life. In the product lifecycle, we use an extension to think about how we can boost the sales again. This can be altering your product or think about linking new products that could boost sales again. If this stage doesn’t work it’s probably best you revert back to the decline stage.
Note
It’s important to understand that during the product lifecycle not all products reach the decline stage, some may continue to rise than to fall.
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