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Product Development Cycle
View this page to read more on the rise in economic activities worldwide. New product inventions is associated with stiff competition from existing products. Product invention, from where its production begins to when it sells in the market involves a few cycles. Whether you have a product that has been selling for quite some years or a new product, we look forward to earning more customers and creating more profits. Product development is a process that involves five key stages.
Product development is the first and most critical stage in the product life cycle. At this stage, the business has to source for extra funding from external sources. There is also no mush revenue coming in since there are less sales. You can also consider seeking financial assistance from friends and family at this point.
To discover more on the introduction stage of product invention, click on this link. It is required that after product invention, a business owner should look into campaign ads and marketing measures. Marketing will increase product awareness in the market. In addition, there are product promotion measures that will suit your kind of product.
Product development cycle involves growth after it is introduced I the market. Due to the marketing strategies applied in phase one, there will be more demand hence increased production and sales. For you to keep up with increased demand, you need to put more money and purchase more resources. Apart from machinery, there is need to hire more sales persons and production team. You can discover more on how to undergo human resource management on this website.
After going through development, introduction and growth stages, the next stage in product development is maturity or saturation. As you have learnt, the product has already been introduced and manufactured in the two previous stages, hence you can save more in the maturity phase. You find that if you have invested and put maximum efforts in the first two phases, you are only left with daily operating expenses. You will find that since there are many substitutes for your product, the sales will not be as high since people are now going for more affordable products. It is advisable to conduct more market research and bring in more innovative strategies, improving the product so that it remains highly competitive in the market.
The fifth and final stage of product development/invention is the decline stage. It is during the decline phase when the product is not bringing in much profits like before. It is at this stage where you find competitive products selling more than before. Click for more info on what option works best for your kind product through this link. Click on this website to discover more on companies that offer advisory and business consultancy services.