Product life cyle

Currently there is a vast market of product and services, that can be old or new, innovating or classic, that can target a wide market segment or a small one. But products have a cycle they follow, something that we can call “lifetime“. 

Further explanation on product life cycle (number 3)

Now we are going to see in the different stages of the products and how companies act.

• In an introductory phase we have the electric cars. It is a brand new product that it is starting to enter the market. Companies are trying to create product awareness by advertising the product, letting the customers know that the product exist. Also they are trying a heavy sales promotion by advertising that electric cars are better as they avoid pollution. Moreover advertising has to be new and shocking. It is truth that electric cars are starting to pass this stage and moving forward the next stage.

• Online university course is a service in a growth stage, because as the rates show, are more demanding day by day. In this phase, advertising is crucial to move on to the mass market, and offer products extensions such as warranties. 
  

To be continued...