Once a product has been developed and tested, it goes to market. There it may pass through a product life cycle of four stages: introduction, growth, maturity, and decline. This cycle is a theoretical model of what happens to sales and profits for a product class over time. However, not all individual products follow the life cycle, and particular brands may act differently. Nonetheless, the product life cycle may provide some basis for anticipating future market developments and for planning marketing strategies. Different stages in the product life cycle call for different marketing strategies.

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Business

Ryker Yu

19 April, 21:10

Once a product has been developed and tested, it goes to market. There it may pass through a product life cycle of four stages: introduction, growth, maturity, and decline. This cycle is a theoretical model of what happens to sales and profits for a product class over time. However, not all individual products follow the life cycle, and particular brands may act differently. Nonetheless, the product life cycle may provide some basis for anticipating future market developments and for planning marketing strategies. Different stages in the product life cycle call for different marketing strategies.

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Sharon Hines · Answer 1

It is essential to be aware of new consumer trends, marketing and technological changes to understand future trends and align marketing and positioning strategies to ensure product longevity in the market, achieved by satisfying consumer needs and strengthening the brand.

The product life cycle is an important theoretical model for improving product understanding from the stage of its development to growth with the potential audience. It is important that at each of the four stages of the product cycle, specific marketing strategies are developed that meet the needs and specifications of each stage to ensure efficiency in market follow-up, customer attraction and retention, and marketing tactics pricing.