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प्रश्न
Explain the decline stage of the product life cycle.
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उत्तर
During this stage, either the product is gradually replaced by better alternatives or consumer purchasing habits shift. Sales decline significantly, necessitating drastic reductions in promotional expenditure to minimize losses. The emphasis is on efficient distribution at the lowest cost. If no new applications are discovered for the product, sales may plummet, and it may eventually become obsolete.
The following strategies may be used to avoid a sharp decline in sales:
- Additional features may be added to the product.
- To revive the market, consider introducing economy pack models.
- New and attractive packaging may be used to attract customers.
- Selective promotion may be used to lower distribution costs.
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संबंधित प्रश्न
Justify the following sentence for or against and give a reason:
Product differentiation is the main aim of branding.
AB Visions Ltd. want to introduce a new variety of reading glasses where the vision can be adjusted according to the user’s requirement. Explain the first two stages in the life cycle of this product.
How is the product life cycle advantageous?
Explain the first two stages of product life cycle.
Explain the maturity stage of the product life cycle.
Explain the abandonment stage of the product life cycle.
Explain the strategies to be adopted during the introduction stage of Product Life Cycle.
Explain the strategies to be adopted during the growth stage of the Product Life Cycle.
Explain the second stage of product life cycle.
“Introduction Stage in a product life cycle is not very risky.” Justify either or against.
