Stage 1: Pre-introduction
This is where the business is in its infant and at that stage there is a lot of research. The product at this stage is unproven, untested therefore the enterprenuer should convince people to make the product known.
Stage 2: Introduction
Marketing tackticks at this stahe are intended to explain the product and its uses to the consumers and thus creating awareness for the product. At this point the profit may not be much and its re-invested into the busuness.
Stage 3: Growth
This stage requires significant amount of capital, a lot of marketing to differentiate a business product from your competitors. There is a lot of innovation.
Stage 4: Maturity
At this point the marketing effort should remain strong , maintain the unique features of the product to continue differentiating the product from its competitors. At this stage there is a lot if competitors and less innovation.
Stage 5: Decline
There is a decrease in sales and competitors exceed the market. Other firms will be merges, others will diversify and other frims will remain to compete in smaller markets.