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Pick any product from any company (just not one used as an example in the text for product life cycle) - and tell us where th
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As similar to the human life cycle, there is the product life cycle which tells about the stages which the product is in the market and how well is it doing in the market. There are four stages of product life cycle

  • Introduction: this is the first stage of product life cycle where the product is launched initially in the market. It is introduced in the market and sold to the public. The customers are not fully aware about the product and this stage needs high degree of advertisement and investment to advertise the product.
  • Growth: the second stage where the product is now totally positioned in the eyes of the customers and most of the sales takes place in this phase. Revenue generation is also very high, whereas competition also increases. Marketing is done to increase the market share of the product. High degree of advertisement is also done.
  • Maturity: the third phase where the product have matured, the sales are slow or even stop sometimes. Here the company starts to innovate and make sure that more and more people buy the product.
  • Decline: the last phase where the product is totally out of the market and there are no sales of the product and the company is in the loss making phase, and if not recovered might shut down.

The product selected is Bingo chips

It offers world- wide famous packed snacks which was first invented in the year 2007. Over the period of time, the product have been liked by the people and preferred to buy. In the present time, this product is in the growth stage of product life cycle. Since it has captured maximum share of the market with increased sales. The revenue generation is also very high. But the company still puts in efforts to advertise the product.

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