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This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing.
The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from “economies of scale”, the profit margins, as well as the overall amount of profit, will increase.
During the maturity stage, the product is established and the aim for the vendor is now to maintain the market share they have built up. This is the most competitive time and they need to consider product improvements for a competitive advantage.
Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated or because the consumers are switching to a different type of product.