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Assessing Your Current Product/Service Offering: Question 3

Question 3: Do you know what stage in the life cycle your product or service is in?

Product Life Cycle

All products and services follow the product life cycle. The first stage is called the introductory stage. In this stage, the company is trying to build demand and reach out to as many customers as they can and therefore costs are high and sales and profits are low but building slowly. As the introduction stage moves into the growth stage sales and profits increase rapidly. The product or service has now become popular and there is more competition. Marketing efforts are aimed at increasing the product’s