Post by alicebapary717 on Feb 15, 2024 0:07:23 GMT -5
Each product, almost like a person, has its own life cycle. It begins with the launch of the product, continues with its development and decline, and ends with exit from the market. Understanding the key stages of the product life cycle helps marketing and sales professionals determine the phase of their product development and take the right actions to achieve success. We invite you to take a closer look at this concept and determine how you can use it to develop effective strategies. Product life cycle What is the product life cycle? The product life cycle is a model that describes the stages a product goes through from creation to discontinuation.
This model is important to marketers because it helps them understand how demand for a product changes over time and make decisions about updating it. The product life cycle consists of five stages: development Entering the market. Growth. Maturity. Decline. Read Cambodia Email List also : The theory of Jobs to Be Done: how to make the consumer "hire" your product? Why is it important to know the stages of the product life cycle? To better understand the concept and determine its importance, consider a real-life example of a product life cycle. Smartphones were invented in the 1990s, but they didn't become massively popular until the early 2000s. At the nascent stage, these gadgets were expensive and difficult to use.
In 2007, Apple released the first iPhone. This smartphone turned out to be more affordable and at the same time easier to use compared to previous models. This led to an increase in the demand for smartphones and the beginning of their mass distribution. In the 2010s, smartphones became an integral part of people's lives around the world. During the growth stage, it was the main means of communication, entertainment and work. Today, smartphones are at the stage of maturity. The mobile gadget market is saturated, and the competition between manufacturers is very fierce. In the maturity stage, smartphone manufacturers focus on innovation and differentiation of their products.
This model is important to marketers because it helps them understand how demand for a product changes over time and make decisions about updating it. The product life cycle consists of five stages: development Entering the market. Growth. Maturity. Decline. Read Cambodia Email List also : The theory of Jobs to Be Done: how to make the consumer "hire" your product? Why is it important to know the stages of the product life cycle? To better understand the concept and determine its importance, consider a real-life example of a product life cycle. Smartphones were invented in the 1990s, but they didn't become massively popular until the early 2000s. At the nascent stage, these gadgets were expensive and difficult to use.
In 2007, Apple released the first iPhone. This smartphone turned out to be more affordable and at the same time easier to use compared to previous models. This led to an increase in the demand for smartphones and the beginning of their mass distribution. In the 2010s, smartphones became an integral part of people's lives around the world. During the growth stage, it was the main means of communication, entertainment and work. Today, smartphones are at the stage of maturity. The mobile gadget market is saturated, and the competition between manufacturers is very fierce. In the maturity stage, smartphone manufacturers focus on innovation and differentiation of their products.