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Product Lifecycle Management

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Growth Stage

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Activities include scaling production, enhancing product features, and expanding distribution channels. Considerations involve analyzing customer feedback, responding to competition, and managing rapid revenue growth.

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Product Development

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Activities include conducting market research, developing prototypes, and performing product testing. Considerations involve assessing technical feasibility, financial projections, and intellectual property protection.

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Introduction Stage

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Activities include product launches, initial marketing efforts, and careful monitoring of product performance. Considerations involve targeting early adopters, managing supply chains, and preparing for possible high production costs.

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Decline Stage

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Activities include identifying declining sales trends, making decisions on product discontinuation, or rejuvenating products through innovation. Considerations involve cost reduction strategies, inventory management, and exploring new markets or product variations.

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Maturity Stage

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Activities include optimizing the product range, focusing on brand loyalty, and finding ways to differentiate from competitors. Considerations involve streamlining operations, investing in marketing, and considering product line extensions.

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