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Competition plays a significant role in the product life cycle. It influences the stages of introduction, growth, maturity, and decline. During the introduction and growth stages, a product might face competition from similar products, which can affect its market share and growth. In the maturity stage, competition intensifies as the market becomes saturated, leading to price wars and increased marketing efforts. In the decline stage, competition, along with factors like market saturation and changing consumer preferences, can lead to a decrease in sales and eventually phase-out of the product.
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The product life cycle is the process of a product going from launch to decline or removal from the market. It is true that some products stay in a maturity state for a long period of time, however, all products eventually phase-out of the market because of several factors, such as saturation, competition, trends' shift, decrease in demand and sales.
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Neglect of product lifecycle management can lead to loss of opportunities and the product’s quick disappearance from the market. Use our Product Lifec...
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