In this week's episode of Engage And Thrive, also known as EAT With Taelon, we break down the four (sometimes debated as being five) stages of the Product Life Cycle and why understanding them is crucial for business success:
🔹 Introduction & R&D Stage – Where products/services first enter the market. Think of Tesla’s early electric vehicles or Disney+ competing with Netflix.
🔹 Growth Stage – When demand takes off, competition rises. Brands like TikTok, Zoom, and Airbnb exploded in this phase.
🔹 Maturity Stage – Market saturation occurs, and businesses need to innovate to stay relevant, just like Netflix investing in original content to maintain dominance.
🔹 Decline or Renewal Stage – Not every product disappears! LEGO successfully rebranded after a decline, proving that smart pivots can revive a brand.
Many businesses panic when revenue dips, assuming it’s the beginning of the end. However, in reality, every product, service, and brand undergoes a life cycle, and understanding how to navigate it can mean the difference between decline and reinvention.
Got a myth to bust? Send it my way!
Vocab:📝
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Timestamps 🎯
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Let’s thrive together 🖤
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