Product Life Cycle
Sean King
Introduction
Introduction is when the product is first released.
- Promotion costs are high
- Little or no profit.
- Low competition
- Low sales
Growth
The product is now a little more well known and here is when profit starts to be made.
- Lots of advertising
- Differentiation from competitors
- Increase in sales and profits
Maturity
During this stage most people already own the product
- Sales level off
- Should be the longest stage
- Aggressive competition
- Changes can be added to products
Decline
This is the end of the products life.
- Sales decrease
- Profits decrease until they are less than the costs.
- Selling of the product may occur.
- Discounts