Product Life cycle
The introduction is an important stage for a business. The introduction stage hopes to increase product awareness, get the customer's attention through promotion and give lots of special promotion. However this stage in the product life cycle is usually the least profitable.
During the Growth stage customers become aware of the product and sales start to increase. Now companies start to focus on customer satisfaction rather than new product benefits. Also competition starts from other companies.
During the Maturity stage sales start to level off. Now more money are spent on competition now. During this stage most of the target market owns the product. Also decisions need to be made in this stage to improve to gain additional sales. This often leads to the product being sold or licensed in the Mature stage. Also altering a product can occur at this stage.
During the Decline Stage sales start to decline. A company must decide to alter, discount or discontinue the product.