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Product Lifecycle

The lifecycle of a product is a process of progression through multiple stages such as introduction, growth, maturity, and decline. Product development and marketing during these phases are considered crucial to the product’s success. One product I would like to discuss in particular is the Segway Human Transport System. Introduced in 2003, the Segway HT is a revolutionary device which uses a plethora of micro-processors and gyroscopes to measures the rider’s center of gravity and adjusts accordingly so as to always remain upright. By taking a closer look at the lifecycle of this product, we must examine the different stages of production. During each stage we must examine the four key elements of the lifecycle. In the first stage

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