Development, Research into a new product, Designing and testing prototypes, Building production facilities, Product design and development, Introduction, Initial product advertising campaign, Promotional events to create awareness, High production cost per unit due to low volume, Special introductory marketing activities, Growth, Continued marketing and promotion, Increasing production to meet rising demand, Lower unit costs from economies of scale, Spreading fixed costs over more units, Maturity, Advertising to respond to stronger competition, Further reductions in unit costs from learning, Product differentiation to defend market share, Decline, Reducing promotional expenditure, Developing a replacement product, Additional development to extend product life

Lifecycle costing

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