The two key characteristics of the introduction stage of the product life cycle include "the high costs resulting from the initial cost of marketing, advertising, distribution, etc."
The other key characteristics of the introduction stage of the product life cycle are "the sale quantities are usually low, which then increases gradually."
Other characteristics of the introduction stage of the product life cycle include the following:
- Little competition
- Demands need to be established through the advert.
- Customers must be persuaded to buy the product.
- The introduction stage of a new product is the beginning stage in a product life cycle.
Hence, in this case, it is concluded that the introduction stage of a product life cycle is significant.
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