there is an important concept in marketing that provides companies with tremendous insight as to what they can expect for their products or services in the marketplace. it’s called the product life cycle and, sooner or later, all products and services will go through the complete cycle. as they do, several external and internal factors change. the accounting industry and the services it provides are no different.
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as this figure shows, the product life cycle is divided into four distinct phrases: introduction, growth, maturity and decline. the most important thing to remember about the product life cycle is that it is intimately tied into the sales of that product or service. it’s important that a firm’s marketing mix change during the life cycle of its various products.