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the introduction stage
the first phase of product life cycle (marketing, building awareness, little competition, low sales)
the growth stage
the second phase of product life cycle (increase in production, popularity and sales, more competition, customer feedback)
the maturity stage
the third phase of product life cycle (high competition, lower profit margins, improvements, expansion)
the decline stage
the fourth phase of product life cycle (market saturation, low sales, withdrawing the product or introducing a new model)
market entry
introducing a new product to the market
market saturation
when a market is fully served with a certain product
sales peak
the highest point of sales in a product's lifecycle
brand/ product extension
adding new products under an existing brand
profit margin
difference between selling price and production cost
product repositioning
changing how a product is perceived by consumers
brand loyalty
when a consumer chooses to repeatedly buy a product produced by the same company
market share
the percentage of total sales in the market generated by a particular company
brand recognition
the extent to which consumers recognise a brand
market penetration
a measure of how much a product is being used by customers compared to the total estimated market for that product
competitive edge
a unique advantage over competitors
sales funnel
the journey potential customers go through, from awareness to purchase, or even loyalty
