Product Life Cycle
Stage 2: Growth
In the growth stage, the company tries to build brand preference and increase market share. Product quality is maintained and additional features and support services may be added. The company is getting the most profit because more and more people are becoming aware of the product.
Stage 3: Maturity
Stage 4: Decline
- Quit selling the product and get rid of it.
- Change the product with new features or find new uses
- Keep making the product but not as much and keep for loyal customers