What is the impact of the product life cycle on marketing?
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What is the impact of the product life cycle on marketing?
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Solution Summary
The 463 word cited solution carefully explains each phase of the product life cycle on marketing.
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Products go through several stages from conceptualization of the product to its end. A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
Products tend to go through five stages:
1. New product development stage
* Very expensive
* No sales revenue
* Losses
2. Market introduction stage
* Cost high
* Sales volume low
* Losses
* High prices
3. Growth stage
* Costs reduced due to economies of scale
* Sales volume increases ...
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