Throughout the history we invent, create or produce a life cycle, this cycle can be long-term or short-term. Money is a product that is the longest life cycle of a product, including various agricultural and natural resources. These products have changed but exist for thousands of years.
Other products become fashionable and fade away, only become part of another product or trend. The music industry is an example of this, as the pure form of Rock & Roll is one of today's modern music genres.
Tricksters are short life-cycle products, often victims of changing fashion, who occasionally return, and the Internet is often a marketplace, and the life cycle of the product may be short and forgettable.
So what are the five stages of the product life cycle
A new product is introduced on the marketplace, few know it and its success is rarely guaranteed. There is a lot of time and money investing in advertising this product and there is no profit or net loss during this period.
Product is becoming more popular, increased sales have started to work, and others are mimicking the product. Profits will increase and your product will be successful
Your product becomes a well-established part of the market, but sales are slowly on the rise as competition and pricing factors are taking place. At this stage, advertising costs are the highest, while profits start to decline. The market for the product can reach the saturation point
Sales will begin to decline as your product loses its appeal. Profit drops, as production is often reduced, competition in the market is becoming more and more difficult since ads are cut and plans for future product placement
Innovators bring the product and incorporate it into a new product. This has been done with the humble FM radio and the camera, which is found to be the core function of most handhelds. The decline of the original product has led to the use of the new product.
Product life cycle can end in the changes, especially in the centuries of fast-moving technology. Traditionally, products have become obscure in the memory of their users, but have often become part of a new product that will affect the same reduction in the future.
Source by sbobet