Understanding the stages of a product in the market is key to effective business strategy. Each stage reflects the product’s lifecycle, from launch to decline, and is defined by sales trends and market dynamics. Here’s a quick guide to match the stages with their descriptions:
- Introduction Stage: Sales are low as the product is launched. Marketing efforts focus on creating awareness and stimulating demand.
- Growth Stage: Sales increase rapidly as the product gains market acceptance. Businesses often expand distribution and improve features.
- Maturity Stage: Sales peak and slow down as the market becomes saturated. Companies focus on maintaining market share through competitive strategies.
- Decline Stage: Sales drop due to changing consumer preferences or better alternatives. Businesses may reduce costs or phase out the product.
