Discuss the product life-cycle and how it leads to new-product development.
Every product moves through a series of four stages—introduction, growth, maturity, and decline—which together form the product life-cycle.
As the product progresses through these stages, its sales and profitability increase, peak, and decline.
Marketers keep track of the life-cycle stage of products in order to estimate when a new product should be introduced to replace a declining one.
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