The Circle of Life
Every physical product has a life cycle--a movement from birth to death, as it were--that has four stages
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- Introduction: The product is new, so promotion and publicity are key. Often a money-losing stage.
- Growth: Sales volume increases, profits begin and competitors appear.
- Maturity: Sales grow and then level off. More competitors and more similar products. Price promotions often used to take customers from competitors.
- Decline: Market looking to new products and technology for need satisfaction.