If the introduction of a product has issues with quality, it becomes very difficult to convince the customers to give the product a second try. When a company releases a new product, step one for management is to make sure that those first units are perfectly made and a strong representation of what they want to showcase to their customers. One of the key attributes of this phase is a necessity to establish quality. An example of a product in the introduction stage could be when Amazon first rolled out their Echo device. If successful, the company can then enjoy a better ROI in future stages as sales grow and relative costs lessen. The main objective for companies at the beginning is not profit (often new products will generate losses because of high advertising costs and low sales) but rather developing a market for the product and building awareness among consumers. The introduction stage marks the very first time a company brings a product to market. This article will provide descriptions of each of the four stages, examples of products in each stage, and strategic implications to managers stemming from the product life cycle. This cycle is extremely important for managers to monitor in order to plan an effective strategy for their business. The four stages included in the product life cycle are introduction, growth, maturity, and decline.
WHAT SUCCESSFUL STRATEGIES ARE/SHOULD BE USED TO MARKET THE IPHONE AT THIS STAGE OF ITS PLC? SERIES
Products also move through a series of phases throughout the duration of their lives called the “ product life cycle”.
For people, these phases could include infancy, childhood, adolescence, adulthood, and retirement. Humans and animals have standard life cycles-a series of stages of living that each passes through before death.