Anyone who runs a business, selling any sort of goods or services, will find it helpful to understand the four stages of a product. Whether your business is large or small, you will need to develop strategies to help you navigate each stage to maximize the success of your business.
There's the initial stage, the introduction, which is followed by a period of increasing sales that is called the growth stage. The third stage, maturation, signals the end of expanding sales and potentially leads to the final stage, which is decline. Part of running a business is carefully strategizing your pricing, marketing, and other important factors that will impact your bottom line.
Taking a closer look at each stage will help you learn how to refine your approach to respond to the different challenges that each stage will bring.
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