2. Learning from existing products and practice (2.4 What can be learnt by examining lifecycles of products?)

Question 1

Introduction

Answer 1

This is the initial launch phase of a new product. During this stage, the focus is on generating awareness and interest in the product.

Question 2

Growth

Answer 2

This is the phase where the product gains popularity and sales start to increase. The focus shifts to building brand loyalty and expanding the customer base.

Question 3

Maturity

Answer 3

During this phase, sales start to plateau as the product reaches a saturation point in the market. The focus shifts to maintaining market share and finding new uses for the product.

Question 4

Decline

Answer 4

This is the phase where sales start to decline due to various factors such as competition, changing consumer preferences, or new technology. The focus shifts to either extending the product’s lifecycle through updates and improvements or phasing it out and introducing a new product.