- research and development
- figure out what people want to buy
- create prototypes, test marketing activities
- talk with stakeholders about pricing promotion and distrubition
- no sales and high capital expenditure
- launch: early adopters buy the product. This is called the first mover advantage. Pfizer got this with their vaccines
- growth: product becomes known and gains market share
- maturity decline: sales plateau. people bored/already bought the product
- decline: product no longer relevant and companies take down the product
- GOT TO STAY UP TO DATE WITH MARKET TRENDS!
- Marketing myopia: business becomes complacent (carefree reckless). not aware of current trends
- this is why you need R&D