Answer to Question #250868 in Marketing for KANYINGA

Question

Explain the hierarchy of events and apply the six stages

Answer 1

 

Product Life Cycle Stages

Development

The ideas for the prototype are generated.

Introduction

The product is launched after the prototype is developed.

Growth

The product experiences rapid increase in sales.

Maturity

At this stage rival firms join the industry and the product experiences cutthroat competition.

Saturation

The product experiences no further growth in sales due to competing products (Gilmanova, 2020).

Decline

The product is no longer the preferred brand in the market and experiences decline.

 

References

Gilmanova, A.M., 2020, November. Computer-aided design systems for product life cycle stages. In Journal of Physics: Conference Series (Vol. 1661, No. 1, p. 012205). IOP Publishing.