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Post by blame their on Oct 25, 2023 20:31:53 GMT -8
Find out what the different stages of a product's life are and learn about their importance using specific examples. What does it mean: product life cycle The product life cycle should be understood as the time during which a given product is available on the market and meets consumer demand. For some goods, this period may last a few months, for others - even several dozen years. However, in each case, the life cycle means passing phone number list through 5 key successive phases: Introducing to the market, growth, maturity, saturation, decrease. The awareness of the inevitable succession of individual stages makes product managers and people responsible for sales realize that no product or service is immortal. This, in turn, allows you to effectively optimize your sales strategy in order to obtain the best possible results and extend the stages in which a given product generates maximum profit. Enterprises should strive to have goods in various stages of life in their portfolio. Thanks to this, the company not only increases its chances of maintaining good business condition, but at the same time can apply various action strategies, characteristic of particular stages of maturity of the offered products. banner Product life cycle phases As you already know, the product life cycle consists of 5 consecutive phases.
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