product life cycle
...tage also known as the development stage, this is when the company finds and develops a new product idea and where the marketing objective is to gain awareness of the product. The company uses a launch strategy that goes along with it’s product positioning, there is no competition and the price is set to move with the market, if successful the product enters into the growth stage. In this stage the product has successfully entered the market and established some position on it. Companies work to stay ahead of the competition and receive rapid market growth by improving product quality, adding new product features and models, entering new market segments and distribution channels and lowering prices at the right time to attract new customers. The third stage is the maturi...