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If you work with sales, knowing about the ProductLifeCycle model is almost mandatory. The model describes the stages a product goes through in its journey from creation to discontinuation. Because products in different stages demand different strategies, be that for physical products or for services.
Get to know your audience To understand how you can help your product stand out from others on the market, you need to know exactly what your audience needs. The process of this will look different throughout the productlifecycle, but generally, you can analyze the following: Marketing data such as online surveys or focus groups.
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