If you are selling products either online or offline, you should be aware of the business fundamentals. Understanding the core principles is very important for any entrepreneur or business owner.
Here are the key principles and stages in the product life cycle:
The most expensive of all of the stages for any company, trying to build a 7 figure business. This is where the market is being tested, sales are low and profit is also low. You can read all about launching a 7 figure business on this page.
Once the product is established, the aim is to keep the competitive advantage businesses build. At this stage, which is the most profitable as well as competitive, marketing is of utmost importance. You can read more in our product life cycle maturity stage explained.
A market becomes saturated, it shrinks. This is either because all the customers already bought the product or there are to many sellers. Another possibility is that the whole market is shifting to another product, usually technically more advanced. No matter how good your product life 7 figure cycle strategies are, this is something you will face.