Understanding this cycle allows companies to anticipate market needs and adjust their marketing strategies at each stage to maximize sales and profitability. Stages of a product life cycle every product goes through four main phases: introduction, growth, maturity and decline . Let's look at what each phase consists of and how to get the most out of them. Introduction stage in the introduction stage, the product is new to the market. This is the time when companies launch their minimum viable product (mvp), the basic version of the product that can already solve the needs of its first customers.
Objective: Marketing strategies: social bc data hong kong user list media campaigns, demonstrations and a strong focus on communicating value. Keys to this phase: the company must be very clear about who its target market is and how it will solve their problems. Marketing strategies must be persuasive, even if initial sales are not high, the goal is to build a potential customer base. Product life cycle example: netflix (introduction stage) when netflix decided to expand into latin america in , it was just beginning the introduction phase of its service in a region with unique characteristics and challenges.
At the time, netflix's business model—streaming online video content through a monthly subscription—was virtually unknown to latino consumers, many of whom still used cable television or purchased movies and series in physical format. Netflix's first major goal in this phase was to educate the market and make its value proposition known . This meant explaining what streaming was and convincing consumers of the benefits of paying a monthly subscription to watch online content. To achieve this, netflix focused on two main pillars: connecting with audiences through an affordable offering : unlike cable pricing or purchasing physical content, netflix offered an affordable monthly subscription that allowed unlimited access to a growing library of content, which was both attractive and novel at the time.