wk6assignment - HERZING UNIVERSITY PRODUCT LIFE CYCLE...

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HERZING UNIVERSITY PRODUCT LIFE CYCLE STAGES Jennie Tsaralunge
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Jennie Tsaralunge, Introduction to Management Our book Foundations of Business state the four stages of the product life cycle are Introduction, Growth, Maturity, and Decline. Clearly the introduction stage is the beginning of the product life cycle. During this stage the company is responsible for getting the product information out to the target market with advertisements and word of mouth. This is a crucial part of the introductory stage, because without customers to buy the product the product will not succeed. Pride states that, “High production and marketing cost result in low profit, or even in a loss, initially” (Pride, 2014). This is because in the beginning there was so much money invested in the product for research, design, marketing, and logistics. This can be detrimental to the company if they do not begin to see profit within the first month or two. This is why it is crucial that customers are aware of the product and all that it brings to the table. In the growth stage sales start to increase as customers now know of the product and the features and benefits that it provides. Typically this is the stage in which the competition starts. As other markets start to
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