life cycle of a product
introduction
At this stage, the product is designed, manufactured and brought into the market. The product’s initial sales will be slow until the company builds an awareness of the product to potential customers, and this is when the introduction stage closes.
In an example of a book, the introduction stage will involve creating, editing and publishing the book, and printing the books initial orders to be sent to book shops.
growth
At this stage, after completing the introduction phase, the product will begin to come into its own in the market scene. This is the peak time for profit to be made, because as the demand increases, the production increases which therefore leads to lower cost per unit. Advertising campaigns are usually introduced around this time, attracting new and/or wider target markets. Every company wants this stage of a product’s life as long as possible.
