Product Cycle: The Stages Of The Product Life Cycle

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Key terms maturity: The stage in the product lifecycle where sales growth ultimately peaks, then slows as the product reaches widespread acceptance, and competition is fierce. growth stage: The stage of the product life cycle where product sales, revenues and profits begin to grow as the product becomes more popular and accepted in the market. - markets in terms of consumers The consumer market pertains to buyers who purchase goods and services for consumption rather than resale. However, not all consumers are alike in their tastes, preferences and buying habits due to different characteristics that can distinguish certain consumers from others. These particular consumer characteristics include various demographic, psychographic, behaviorists and geographic traits. Marketers usually define these consumer…show more content…
During this stage, the product or the innovation becomes accepted in the market, and as a result sales and revenues start to increase. Profits begin to be generated, though the break-even point is likely to remain un breached for a significant time–even until the next stage, depending on the cost and revenue structures During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms. Ultimately, during this stage, sales will peak. The company will want to prolong this phase so as to avoid decline, and this desire leads to new innovation and features in order to continue to compete with the competition which, by now, has become very established, advanced and fierce. Competitors ‘products will begin to cut deeply into the company’s market position and market share. However, despite this, sales continue to grow in the early part of the maturity phase. But, these sales will peak and ultimately

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