The answer to that marketing quiz question is yes.
If you’re marketing a product, you should know that your product will experience at least a six-stage product life cycle. Generally this is what you are trying to market, at some point these stages will happen to your product. So I thought it would be to the benefit of all markers to discuss what the six stages are, because if you know the stages and understand them then you can increase your ability to maximize your profits at each stage. So let’s get straight to that.
Before we start detailing each stage of your product lifecycle, there are a few things you need to understand. If you are in the process of developing a product, you have to know what are the two fundamental things that your consumer wants.
What are those two things?
One is simply that your consumer wants an improved product.
Whatever you’re trying to market doesn’t matter as much as how much better the consumer thinks it is compared to previous products that did similar things. So it has to be an improved version of what they already have in mind as a good product for the market you’re in.
The second thing a consumer wants is a new product.
People love shiny new things, and they love the latest and greatest out there. It is a mentality that permeates the consciousness of our current society. New is considered better in many cases. And that is what most companies use to generate more and more profitability in their business models. So, to stay relevant in the minds of its consumers, a company understands that its competitor will constantly be introducing new products with the goal of increasing market share and profit, therefore they need to be vigilant. Which means you also need to be vigilant if you want to market a product of any kind. If a company wants to be able to stay, it finds ways to make its new and growing products blend in with its old or core products.
All of that said, still, every product will go through its life cycle. So what are the six stages of a product’s life cycle?
1. the introductory stage – in the world of internet marketing this is what would be called a pitch. Regardless of the platform the company uses to introduce its product, the introduction stage is when a product first appears on the market. It is possible at this point that the product has no competitors. In theory, it is not initially profitable, due to the investment in its development, so the company or business owner must first recoup the investment before seeing a profit.
2. growth stage – there are no setbacks in the introductory stage and eight catches the target consumers, and at this stage, assuming the product is successful, of course, there will be growth in product revenue, and the profitability of products can also grow rapidly. This is also a crucial stage because it is at this point that competitors will enter your market and make improvements to your product and try to sell it. Conducting test marketing Surveys of your existing consumers would be a great way to navigate your marketing at this point. This is something you should be aware of.
3. The shaking stage – now this is where it’s really interesting. This really is the best time for your market, and this is where all the lights shine in the ring. As competitors fight for the market, the weaker ones will be pushed out. As the saying goes “only this to survive”. And that’s why many professionals and analysts call this the reorganization stage.
4. The maturity stage – after the fight is over, and perhaps even many fights have been one or lost, a product will at some point reach its life stage. This is where the revenue growth of the particular product starts to slow down. Eventually, due to market relevance, or better, more new and improved products, revenue will gradually drop to zero.
5. the decay stage – at this point the entire market affected. People are no longer interested in the market, and the soul competitors dwindled further as the market shrinks and all profits fall sharply. However, this does not necessarily have to be the case for all companies. Which means that the most efficient company or companies can still make a profit. It really just depends on how resilient the company is.
6. The style scene – if the consumer determines that the product in this market is one style, then it will have a longer shelf life.
If they determined that the product is:
Fashion – so this is where a product will have a medium time life cycle.
Finally, if the consumer determines that the product on the market is:
fashion – then this is where a product will have a short life cycle.
Now when you take your marketing research questionnaires or website questionnaire, you will have a great understanding of where your product will start and where it may end. This necessary piece of marketing information gives you a good perspective on how to approach bringing your product to market. You’ll know exactly how aggressive you need to be throughout the marketing life of your product. Not to mention, having advanced knowledge of what your competitors are going to do in the life cycle of your product can allow you to prepare for the events you know are coming.