These include innovations that are still being developed, such as autonomous vehicles, which are yet to be adopted by consumers. This product life cycle stage involves developing a market strategy, usually through an investment in advertising and marketing to make consumers aware of the product and its benefits. A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. Establishing a pricing strategy for a new product or service is an important part of the development process.
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