Have you ever considered the life cycle of the products you use every day? This interactive video will examine the Product Life Cycle! From introduction to decline, every product goes through certain stages, and entrepreneurs use this cycle to make crucial decisions regarding the marketing mix's different elements. We will look at the example of Insomniac Audio's GoPlay, a portable mp3 player, and how the company managed the different stages of its product life cycle.

First, we'll discuss the introduction stage, where a product is launched in the market and faces low sales and high marketing costs. Next comes the growth stage, where sales increase rapidly, and the product becomes popular among customers. In the maturity stage, sales growth slows down, and the product faces tough competition from similar products in the market. Finally, we'll talk about the decline stage, where sales decline, and the product is either phased out or replaced by a new product.

By the end of this video, you'll have a clear understanding of the Product Life Cycle and how it impacts the success of a product in the market. Get ready to examine the life cycle of a product.