Description:

1. ntroduction Stage:

   • Sales Characteristics:
     • Low initial sales.
     • Slow growth as the product is introduced to the market.
   • Marketing Strategies:
     • Heavy marketing and promotion efforts.
     • High advertising expenses to create awareness.
     • Limited product variations.

2. Growth Stage:

   • Sales Characteristics:
     • Rapid sales growth.
     • Increasing market acceptance.
   • Marketing Strategies:
     • Continued advertising to build brand preference.
     • Expansion of product features and variations.
     • Pricing strategies to maximize market share.

3. Maturity Stage:

   • Sales Characteristics:
     • Stable and peak sales.
     • Market saturation with many competitors.
   • Marketing Strategies:
     • Focus on product differentiation.
     • Intense competition requires aggressive marketing.
     • Pricing strategies may involve discounts or promotions.
     • Emphasis on cost efficiency.

4. Decline Stage:

   • Sales Characteristics:
     • Declining sales and profits.
     • Market saturation or technological obsolescence.
   • Marketing Strategies:
     • Evaluate the product's future viability.
     • Consider cost-cutting measures.
     • Product repositioning or discontinuation decisions.
     • Minimal advertising.