Product Life Cycle Stages

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Introduction Every product has a life cycle in which it advances from one stage to the next. This paper explains the four stages in the life cycle of a product, explains the attributes of a product that help in the depiction of its stage in the lifecycle, and provides examples for the same. The Introductory Stage The introductory stage is the one in which the product is introduced to the customers. This is achieved by advertising the product in print and social media and making it available in stores for sale at the same time. It is the company’s choice whether to keep the introductory price high to recover the cost incurred in production or keep it low in order to attract more customers. Example Apple iPhone 5 is in its introductory stage. In order to persuade the customers that it is just as wonderful as the previous Apple products, Tim Cook, the Apple CEO, and Phil Schiller, the vice president of marketing introduced Apple iPhone 5 at the Yerba Buena Center for the Arts where launches of many Apple products have been made in the past. The persuasiveness reflected in Shiller’s speech as he said, “It's an absolute jewel” (Schiller cited in FoxNews.com, 2012). On its website, Apple writes about iPhone 5, “The biggest thing to happen to iPhone since iPhone” (Apple.com, 2012), and this appears in the center of the page in large font right as one browses the homepage of Apple’s website, so as to indicate that the entire focus of Apple presently is on the promotion and success of iPhone 5. The Growth Stage A product advances into the growth stage when its sales and profits begin to rise. In an attempt to maximize the earnings, most companies tend to maintain the same product price during the entire growth stage along with maintaining the quality of the product. Nevertheless, most companies expand the distribution networks to enhance the product’s

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