Evolution, in dictionary term, means the process of growth. In other words, evolution is the theory that sees in the history of all things – a development or gradual advance from a simple and rudimentary condition to one that is more complex and of higher character. Thus, market evolution means the development or gradual advance…
You know that very few firms operate in a market environment all by themselves. Most companies face competition from at least one or other business, and usually from several. Thus, competitive forces make substitutes available for almost every product or service on the market. No matter what new attribute you add to your product to…
The product life cycle is a series of stages progressing from its initial entry to its ultimate withdrawal from the market. Contemporary marketers try to plan for the life of the product before it is ever introduced. They try to maximize profits over the entire period. It is on the market, not just in the…