Tell me about the stages in product life cycle. What is marketing

Question

Accepted Answer

Product life cycle has 4 stages: introduction, growth, maturity, and decline.

Introduction stage: product is launched, sales are low, and marketing efforts focus on creating awareness.
Growth stage: sales increase rapidly, competition enters the market, and marketing efforts focus on differentiation.
Maturity stage: sales growth slows, market saturation occurs, and marketing efforts focus on maintaining market share.
Decline stage: sales decline, product becomes obsolete, and marketing efforts focus on phasing out the product.
Marketing is the process of identifying, anticipating, and satisfying customer needs and wants through the creation, promotion, and distribution of products or services.
Marketing efforts vary depending on the stage of the product life cycle.
Example: iPhone - introduction stage (2007), growth stage (2008-2012), maturity stage (2013-2016), decline stage (2017-present).

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