The market diffusion process describes how an innovation spreads through a market. In addition, it provides information that enables management to identify target markets. For these reasons, it is crucial to understand the facets of the market diffusion process and its importance for the new product development process (NPD). In the following, we will explore the market diffusion process in more detail and derive marketing implications.
All products and services have a certain life span which is measured by the chronological history of sales from the launch of the product until its withdrawal from the market.…
The Product Life Cycle contains five distinct stages. For the four stages introduction, growth, maturity and decline, we can identify specific product life cycle strategies. These are based on the characteristics…
After having been launched, a product should enjoy a long and happy life. But each product has a product life cycle (PLC) – the product’s life is not infinite. In…