Why An Understanding of Product Life Cycle is Important for Women Entrepreneurs
Understanding the product life cycle is necessary for big or small businesses. Managing international brands or own solopreneur created a personal brand, understanding of the relation between branding and product life cycle is significant. Several businesswomen create phenomenal products and invest in their branding. But somehow ignores the fact that each product has a specific life span. Stages of Brand and Product Life Cycle Brands and products go through five life stages and like humans products get obsolete in the last and final stage. These stages are: >>> Introduction Stage >>> Growth Stage >>> Maturity stage >>> Decline Stage Branding and Product Life Cycle Marketers need to revise their branding strategies as per the stages of the product's life cycle. Let’s explore this in detail. Branding Strategy in Development Stage At this stage, product ideas are conceived, analyzed, nurtured, branded and even tested before market introdu...