Explain the four phases of a product's lifestyle and three common reasons that new products fail. g

The answer is below

Explanation:

The four phases of a product's lifestyle are:

1.  Introduction: this is the early stage of a product when a particular product is introduced into the market. At this stage, the market is relatively unknown, the sales are generally low, and no established customer base.

2.  Growth: this is a stage characterized by by-products' rise in sales and identification, and the product is beginning to have a customer base that is building up gradually at a relative pace.

3.  Maturity: this is a phase in which a product has reached or closer to the peak in terms of sales and identity. Here the many consumers have been converted to customers fully.

4.  Decline: This is a stage characterized by its saturation level in terms of sales and identity. At this point, the sales tend to reduce and there is little or no new consumer capture.

The three common reasons that new products fail are:

1.  Product has no originality: over time, it has been observed that products that no special purpose or have distinct benefits have a higher tendency to fail.

2.  Timing of production: for a new product that is released when the demand for such products is generally lower, has a higher tendency to fail.

3.  Product weakness: if a new product has an obvious weakness, it quickly fails. This weakness can be as a result of low-quality materials in production.

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