Retail Product Cycle is the repetitive cycle that occurs with retailers in regard to product assortment.
The Retail Product Cycle is similar to the Product life cycle.
Retail Product Cycle is a diagram that shows how retail institution goes through the stages of introduction, growth and decline in the market.
The Retail product cycle includes:
- Innovation: This is the period where the institution is launched into the industry
- Accelerated development: The period encompasses where the institution is gradually gaining attention in the industry and sales are moving up.
- Maturity: These stage is where the institution is well-known and profit are being maximized.
- Decline: The stage tells how the institution lost the trust of customers in the industry leading to decline of sales and profit.
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