Assume yourself as a Marketing Specialist of a Company and Determine the New Product Development Process by manufacturing a New Product for your company

Explanation:

When developing a new product, it is essential that a company's marketing specialist knows the product's life cycle, which consists of five development stages throughout the cycle. This analysis is extremely important to ensure that the company's efforts to launch a new product on the market will satisfy customers' needs and contribute to increasing the company's profit.

Therefore, the product life cycle consists of the following phases:

1- Development:

This is the initial phase of contextualizing the idea of a new product or service to be launched on the market.

2- Introduction:

At this stage, the product has gone through all stages of development and is ready to be launched on the market.

3- Growth:

In the growth phase, the company will carry out several market surveys in order to verify the functionality of the product and the response of consumers. For this, it is necessary that the company makes samples of the product available to the market to collect feedbacks from potential customers.

4- Maturity:

Maturity is a phase where the product reaches its maximum potential in the market and therefore there is a sales stability. The great challenge of this phase is to keep the results positive in the long term, reinforcing the visibility and positioning of the company.

5- Decline:

It is the final stage of the product cycle, it corresponds to the discontinuity of the product. In this phase, greater control of the indicators is necessary so that the decision-making is carried out without precipitation.

turnover

the amount of money taken by a business in a particular period.