It is impossible for businesses to stay long-term with just one product or service. The reason is that products have a lifespan unlike people. The stages that a product goes through from the time it is conceived as a product is called the Product Life Cycle. There are five stages in the Product Life Cycle: Development, Introduction, Growth, Maturity, and Decline.
The first stage of the product life cycle is development. Development means preparing the product before it enters the market. test It is the embryonic stage of production.
The second step is Introduction. Introduction is the stage where the product will be launched. At this stage, the marketing team has to build product awareness. This is the stage where you try to reach your target market.
The growth stage is when customers recognize your products and buy them. At this stage, it is time to show why you should choose your product over competitors. At this stage, adding new features to the product, You can build new channels for distribution.
In the Maturity stage, it is a state of gradual decline from a place of rapid growth. At this stage, rather than building awareness, The uniqueness of your product, It’s time to focus on features.
The final stage is decline. At this stage, customers’ interest decreases, We often encounter people who replace our products with other products. If our products are not able to meet the needs of the market, If competitors are better than you, you will inevitably encounter this stage. We can only make good decisions based on the Product Life Cycle if we know and manage the Product Life Cycle well, and manage to stretch the Product Life Cycle. Build a marketing team that doesn’t have to look around.