Product life cycle!
Introduction, Growth, Maturity, and Decline.
the goals of introduction: to increase product awareness, get the customers attention through promotion, and lots of special promotion. During the introduction stage, product is introduced to the market, costs are high, profits low, and much time and money is spent on promotion.
During Maturity stage product performance peaks, competition is high, cost for promotion is high, and emphasis is on advertising. Also, the product's sales level, more money is spent on competition during this stage. The product life cycle stage in which sales peak and then increase at a slower rate or even start to decline. An example of a matured product, microwave.
During the Decline stage sales fall off, profits are slow, very little is spent on promotion, and strategies such as altering, discounting, selling, are considered. Sales start to decline, a company must decide to alter the product, discount, or discontinue the product. The product life cycle stage in which sales and profits fall rapidly.