Can A Declining Product Regain Dominance of the Market?
All products to hit the market go through what is referred to as the product life cycle. This life cycle consists of four stages. These stages are introduction, growth, maturity, and decline. The amount of time a product spends in each stage depends on its success on the market. All products will meet an inevitable decline as demands fall, but there are some methods a company can use to increase the life of its product. To better understand these methods, it is first best to understand the life cycle and its stages. A product's introduction stage is the time of introducing the product to the market. Sales are slow during the introduction stage as the public is just learning about the product and what to expect from it. The goal at this time is to spread the word about the product and attract consumer awareness. Promotion of the product during this phase is vital to its success. Once a product begins to take off it enters the growth st...