Other companies are going to start to take note of the product you have released, and they may change their marketing strategy to try to tamp down some of your sales.Īs the market for your product expands, you may tweak some of the features. You need to focus on your promotional strategy and growth marketing to generate as much interest in your product as possible.Īs the product becomes more popular, you might start to increase online sales. Growth stageĪfter you have introduced the market to your product for the first time, he will watch the product become more popular. Based on the research you have conducted, you will customize your product to address customer pain points before releasing it. There might be a lot of testing that takes place during this stage, and you will work hard to figure out what product you want to roll out. ![]() ![]() Then, you might take a look at the capabilities of your company to figure out how you can create a product that has been designed to meet those needs. This is the process of figuring out what type of product you want to introduce to the market.įor example, you might do some market research to take a look at opportunities for potential growth. The first stage of the product life cycle is the development stage. The stages of the product life cycle include: Development stage
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