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Answer:
Development - at this point your product or service is only an idea. You're investing heavily in research and development.
Introduction - you launch your product or service. You're spending heavily on marketing.
Growth - your product or service is establishing itself. You have few competitors, sales are growing and profit margins are good. Now's the time to work out how you can reduce the costs of delivering the new product.
Maturity - sales growth is slowing or has even stopped. You've been able to reduce production and marketing costs, but increased competition has driven down prices. Now is likely to be the best time to invest in a new product.
Decline - new and improved products or services are on the market and competition is high. Sales fall and profit margins decline. Increased marketing will have little impact on sales and won't be cost-effective unless new markets are identified.
More To Learn: Manage the lifecy
- Identifying where products or services are in their lifecycle is central to your profitability. Effective research into your markets and competitors will help you do this. See our guide on how to understand your competitors.
- You can extend the lifecycle of a product or service by investing in an "extension strategy". You could:
- increase your promotional spending
introduce minor innovations - perhaps by adding extra features or updating the design
seek new markets
Explanation: Hope It Helps