Scared Girl
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Be aware of product life cycles. EVERY product has a life cycle. Do your services and products need to be reinvented to be current with today's marketplace? Every product goes through several stages of time, from introduction, growth, maturity and obsolescence. Fashion is a quick life cycle, where a trendy look can be introduced in the Fall only to be obsolete by Spring. On the other hand, tobacco has had one of the longest product life cycles, but it too is now in obsolescence. If you are a single product or service company, watch out for trends and advances that may make your product obsolete.
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