New products Business & Marketing Essay Research Paper

Product Life Cycle and Crowdsourcing
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Stages of Product Life Cycle
The process by which a product is introduced down to the time it is removed from the market is called the product life cycle. It includes four stages namely, introduction, growth, maturity, and decline (Stark, 2017).
Before the first stage, companies generally perform crowdsourcing. It involves data gathering via surveying a particular group of people. This is done via the Internet, smartphone applications, and the social media (Branham, 2013). An example of this is the pairing of a driver to an individual who needs a ride by Uber CITATION Har19 \l 13321 (Hargrave, 2019).
The first stage is introduction. It is the time when the product is first circulated in the market. Here, marketing and promoting strategies are vital because the consumers do not have trust with the product or brand yet (Stark, 2017). An example is the introduction of self-driving cars. Promotion is centered on the safety of this new invention and the marketing strategists spread the word via written, oral, or visual advertisements.