What is the first stage of the product life-cycle?

The first stage of the product life-cycle is the introduction stage. This phase marks the launch of a new product into the market. During this stage, a company focuses on promoting the product to create awareness and generate interest among potential customers. It typically involves significant investment in marketing efforts to establish a presence in the marketplace, as the product is often not yet well-known or widely distributed.

Sales growth is usually slow at this point as customers are still becoming aware of the product's existence and its benefits. Companies may experience higher costs due to development, marketing, and distribution efforts. Overall, the introduction stage sets the foundation for the subsequent stages of growth, maturity, and decline in the product life cycle as the product gains traction and market acceptance.