In class we discussed the product life cycle. When I first heard about the 4 Steps, which include the Introduction, Growth, Maturity and Decline of a cycle, I automatically thought of a job I used to work for being a cable company provider. I was selling cable TV, phone and internet. The company I worked for was being offered in new locations and I had to go around door to door selling the product for commission.
In the beginning, or in other words, the introduction phase of the job process, was overall okay since it was a new company in the area and nobody really had much knowledge on the company so a few sales were made. People would not take the time to open the door and listen to my pitch. When some people did want to start a conversation, I would have to explain the company in great detail because no one has heard of it.
Then, as time passed in the growth phase, there had been some knowledge of the company spreading around and residents started to get intrigued by the idea of this cable provider so more than a normal amount of sales were made. Less people said, “no thank you” or “I already have cable” and stayed to listen to my explanation of this growing company.
In the third phase, the maturity phase, word had gone around that this company is good and for the amount of money to be saved verse the competitors the residents couldn’t refuse the offer. So as you can imagine, after all the neighbors talked about the company and shared more knowledge of the company and a little extra information by me the sales were being made more than ever. My boss was obviously happier during this phase because more sales were made overall.
Unfortunately, in the next phase, there is a decline, in the decline phase. After a numerous amount of sales, there were no more residents that would have wanted the product offered. So as you can imagine there were less and less sales being made after time.
As you can imagine, any kind of company could go through this problem. Do you believe that there is any way to expand the maturity phase and to avoid or delay the decline phase?