A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market . A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.
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Summing up the seven stages of New Product Development: idea generation, idea screening, concept development, and testing, market strategy/business analysis, product development, market testing, and market entry/commercialization .
Read moreWhat are the 6 stages of the product life cycle?
What are the stages of the product life cycle?
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