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The classic lifespan of successful products is a story in four parts: Introduction Growth Maturity Decline. How this story plays out has a lot to do with the type of product and how it’s improved over time, if at all. In this article, we’ll look at the different stages of the product lifecycle through the lens of marketing.
The five forces are competition in the industry, potential of new entrants into the industry, power of suppliers, power of customers, and threat of substitute products. This potential for high probability encourages new players to enter your market. Porter's Five Forces Examples. Competition in the Industry.
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