In which stage of the product life cycle should product strategy focus on process modifications as the product is being "fine-tuned" for the market?
Business · High School · Thu Feb 04 2021
Answered on
In the product life cycle, the focus on process modifications as the product is being "fine-tuned" for the market typically takes place during the Growth stage. This is the stage that follows the Introduction phase, where the product has been launched and initial bugs and issues are typically ironed out. During the Growth stage, the product starts to gain acceptance in the market, and as sales volume increases, companies often look to optimize production processes for efficiency and to potentially reduce costs. Another reason for process modifications can also be to increase production capacity to meet the rising demand.