No product lasts forever. Do you know where your small business product is in its product life cycle? Are you introducing tomorrow’s product, today?
The ‘Product Life Cycle’ is a model that predicts the general trend that most successful products or services will follow during their lifetime.
Stage 1: Introduction
As a product is introduced there will usually be high costs in bringing it to market but low sales resulting in initial losses.
Stage 2: Growth
If the market decides it wants the product, sales increase; and unit costs […]