Product Life Cycle
There are five main stages to the product life cycle for most products:
- Research and Development
The exact duration of each stage will vary for different products.
- Research and Development:
This stage takes place before the product is put on the market, so at this stage in the cycle sales are at zero. During this stage extensive market research will be carried out by the firm to farmiliarise them with the market they will enter.
This stage begins when the product is finally released onto the market for sale. Growth is slow and sales are low at this stage as consumers are reluctant to trying new products. Advertising at this stage is high, expensive and in the form of persuasive advertising as they are trying to get their product to catch consumer's eyes and encourage them to become early adopters. Firm will be likely…