Product Life Cycle
A new product progresses through a sequence of stages from introduction to growth, maturity and finally decline. It is associated with changes in the marketing situation, therefore impacting the marketing stragegy and marketing mix
When the product is introduced, sales will be low until the customers become aware of the product and its benefits. Advertising costs typically are high during this stage in order to rapidly increase customer awareness of the product and target the early adopters. The primary goal is to establish a market and build primary demand or the product.
When a product has been introduced into the market and has begun to