Product Life Cycle
Stage 1: Introduction -When a product is first introduced and put on the market - Expensive stage for promotion
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Stage 2: Growth Stage - People are aware and interested in the product - Sales are rising and profit is made - More units of this product are being made as most interest is shown
Stage 3: Maturity Stage - This is the stage when sales increase very slowly, or not at all (stable) - Promotion still needed to keep people interested - Profit still being made
Stage 4: Decline Stage - This is when no new customers are found to purchase this product -Little to no sales - Companies can either withdraw their product or promote in hopes of it going back up in sales (can be very expensive)
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Stage 5: Decision Point Stage Product is no longer selling.