Important Marketing Update
Product Life Cycle
Here are a few simple guidelines to help make your company and product more profitable, successful and sustainable in the long run.
This is the stage in which products are first introduced. Public awareness is a very integral part of this stage; in order for the product to succeed, there must be a wide-reaching campaign to make the majority of the target market aware of the product.
The Growth stage is where a product has been successfully introduced and had begun to increase in popularity. The most important part of this stage is advertising; similar to the first stage, a wide awareness must be built. On top of that however, advertisements must create widespread appeal and excitement for the product to attain success.
A product reaches maturity when it has successfully created appeal and desire in the target market and has not been replaced by any new advancement - the pen, for example. This stage involves a lot of competition between other companies that also sell your product; differentiating your product from theres is key to survival here.
Decline is the stage where your sales begin to fall; for whatever reason, your product is just not selling as much as it used to. Either another company has introduced something that is in more demand than yours or you have just run out of target market. No matter the reason, there isn't much you can do here; either withdraw the product or attempt to cut any needless costs that can be removed.