Examples of growth stage in the following topics:
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- During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.
- Mini tablets, such as the iPad mini, Google Nexus 7, or Amazon Kindle Fire, are in the growth stage at the moment.
- This would be done in order to maintain growth in sales and ensure that interest in the product continues to grow and not stagnate, thus maintaining the growth stage.
- The graph shows the growth stage in the overall product life cycle.
- Identify the conditions that exist when a product is in stage 2, growth of the Product Life Cycle
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- There are four stages in the product life cycle: introduction, growth, maturity, and decline.
- There are four stages in the product life cycle: introduction, growth, maturity, and decline .
- In the growth stage of the product life cycle, the market has accepted the product and sales begin to increase.
- In the maturity stage of the product life cycle, sales will reach their peak.
- There is no set schedule for the stages of a product life cycle.
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- A rise in sales per se is not necessarily evidence of growth, just as a fall in sales does not typify decline.
- Differing products possess different product life cycle "shapes. " A fad product develops as a steeply-sloped growth stage, a short maturity stage, and a steeply-sloped decline stage (for instance, the pet rock phase in the 1970s).
- A product like Coca-Cola and Pepsi experiences growth, but also a constant level of sales over decades.
- Once it became the norm for everyone to have a Facebook account, the growth stage passed.
- Thus, we can say that Facebook is comfortably in the maturity stage.
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- The maturity stage follows the growth stage in the product's life cycle (see ).
- During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms.
- Ultimately, during this stage, sales will peak.
- The stage that lasts the longest in the product life cycle is the Maturity stage.
- So, during the maturity stage, the following occurs:
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- The stage of the life cycle of the product affects how it is marketed.
- Products typically go through four stages:
- In the growth stage, the firm seeks to build brand preference and increase market share.
- At maturity, the strong growth in sales diminishes.
- And in some cases, they might be able take their new products forward straight into the growth phase.
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- During decline, sales growth becomes negative, profits decline, competition remains high, and the product ultimately reaches its 'death'.
- The decline stage of the product life cycle is the one where the product ultimately 'dies' due to the low or negative growth rate in sales (see ).
- This stage of the product life cycle is the terminal stage where sales drop and production is ultimately halted.
- Identify the characteristics of a product in the decline stage of the product life cycle.
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- Every product goes through the various life cycle phases of introduction, growth, maturity and decline.
- The product life cycle begins with the introduction stage (see ).
- A good product manager should find new products to replace those that are in the declining stage of their life cycles; learning how to manage products optimally as they move from one stage to the next.
- This stage is characterized by a low growth rate of sales as the product is newly launched and consumers may not know much about it.
- However, this stage also offers its share of opportunities.
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- During screening, the company evaluates whether to devote further resources to the development of a product at various stage gates.
- The objective of the screening stage is to eliminate unsound concepts prior to devoting resources to them.
- What is the size and growth forecast of the target market?
- Two problems that may arise during the screening stage are the acceptance of a poor product idea, and the rejection of a viable product idea.
- In the former case, money and effort are wasted in subsequent stages until the product idea is abandoned.
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- While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
- Products travel through market introduction, growth, maturity, saturation and decline, posing different challenges, opportunities and problems to manufacturers and sellers depending on industry and target audience.
- At the design stage, developers and engineers must assess the importance of various requirements from a wide range sources.
- Factors that can influence whether products are modified at the design stage include:
- Product recalls, which can happen at any stage of a product life cycle, are costly and can severely damage a brand's reputation if managed poorly.
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- Everett Rogers categorizes the five stages (steps) of adopters as:
- The five stages of the adoption process are:
- Due to the individualistic nature of this stage, Rogers notes that it is the most difficult stage to acquire empirical evidence.
- Confirmation: Although the name of this stage may be misleading, in this stage, the individual finalizes his or her decision to continue using the innovation and may end up using it to its fullest potential.
- This chart depicts the five stages of the diffusion of innovation.