Question

Explain in detail the product life cycle in your own words for   Sanitizer business.

Answer 1

The product life cycle of Sanitizer will start with introduction stage. The product will be introduced in the market and trials will be induced so that the market share grows. At this stage, free samples of the product need to be given so that trials can happen and customers are encouraged to buy the product. In the growth stage, the sanitizer sales grow and market share expands. Competition also increases in the growth stage. In the maturity stage, the sales of the sanitizer stabilizes as the market reach saturation. Further growth in sales is achieved by product differentiation. Introducing more variants of the sanitizer helps in increasing the sale. The maturity stage is followed by decline stage where the sales of the sanitizer decreases. There is decrease in demand of sanitizers and the existing inventory is sold on discount. The product is either converted to a more advanced version or the production is stopped and existing stock is liquidated.