Business plan in which life cycle stage is your product or service

business plan in which life cycle stage is your product or service

Business plan in which life cycle stage is your product or service Sources: Owner, friends, family, suppliers, customers, or grants. Cyclf Books Entrepreneur Insurance. Sales typically begin slowly at the introduction phase, then take off essays about homes during the growth phase. Companies at this stage have several options: They can choose to discontinue the product, sell the manufacturing rights to another business that can better compete or maintain the product by adding new features, finding new uses for buslness product, or tap into new markets through exporting. If you decide to expand further, you will need to ask yourself the same questions you did at the expansion stage: Can the business sustain further growth? Follow Twitter. After a product reaches the marketplace, it enters the product life cycle. During the growth stage, the life cycle curve is very steep, indicating fast growth. Your business has endured through the initial stages of the business lifecycle and is currently in its growth or survival stage. If not, it can usually be sold—at a profit—provided the owner recognizes his or her limitations soon enough. Companies usually do not need additional funding at this stage. High interest rates and uneven economic conditions have made the latter two possibilities all too real in the early s.