1. Development stage

The product development stage is a process from zero to one. This stage basically belongs to the investment stage. A large amount of capital, technology, and personnel continue to invest until the product development is successful. The product development stage is usually called the “valley of death”. Because the product development stage requires a large amount of capital investment and a long period of one to several years, the risk factor is very high, and many start-ups have not survived this stage.

2. Introduction stage

The introduction period is mainly to develop the product market and increase product awareness. Marketing costs at this stage are very high. After the product development is finalized, the company must concentrate on starting market development and promotion, looking for potential customers, and expanding sales channels. The accumulation of channel resources lays the foundation for future healthy development.

Three, growth stage

Products gradually occupy the market share and begin to enter the growth stage, the products have been accepted by customers, and the company is also working hard to expand the market share. For innovative products, competition at this stage is limited, so prices can be maintained at a relatively high level. Product demand and profits are increasing, and the target audience of marketing is the broad masses.

Fourth, mature stage

When the product enters the mature stage, sales will stabilize. Competition will intensify, so product features need to be improved to maintain market share. Although the current sales volume is at a higher level, prices tend to fall to maintain competitiveness. Production costs also tend to drop at this stage because the production process is more efficient.

Five, recession stage

The decline in the product life cycle is related to the decrease in revenue due to market saturation, fierce competition, and constant changes in customer demand. At this time, product quality needs to be improved. Zunlian Industrial Design Company answers such as adding new functions, changing product styles, developing new models, and developing new uses. Improving the product can improve the competitiveness of the product, meet the wider needs of customers, and attract more customers. Or enter new markets through exports.

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