Business owners must be adaptable and creative to keep up with consumer trends, changes in business, and the demands of the economy. Sometimes, that means discontinuing a product, service, or market offering. But it may not always be easy to decide when to cut a product offering. Today, we’ll measure things like consumer demand, cost vs value, and manufacturing & opportunity costs to determine when you should phase out a product in your business. Follow Along With The Financially Simple Podcast! Understanding the product life cycle and its four phases Signs that a product has reached its growth and maturity phases Different factors that impact the different phases of a product’s life cycle Tracking the profitability of a product or service How focusing on one product too much can harm your product mix and your business Looking at employee costs and the cost of production A quick and dirty […]
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