ABSTRACT
Most products and services pass through various growth and decline phases, from initial introduction into the market to eventual replacement by improved versions or even extinction. A knowledge of the forces affecting such changes is paramount to both sustaining an adequate level of sales and to effective planning for new and/or improved product developments. Planning for new product development also requires a systematic approach which takes into account the impact on the firm’s resources and the inherent uncertainties in judging the likely market response. As far as possible, all reasonable measures should be taken to reduce such uncertainty, rather than relying on subjective assessment or a limited, objective appraisal.
