Costs are Reduced: With new product development and marketing, the Introduction stage is usually the most costly phase of a product’s life cycle.But once the product becomes established and is no longer ‘new’, a more sophisticated marketing approach is likely to be needed in order to make the most of the growth potential of this phase. Different Marketing Approach: Marketing campaigns during the Introduction stage tend to benefit from all the buzz and hype that surrounds the launch of a new product.However, in response to the growing number of competitors that are likely to enter the market during the Growth phase, manufacturers may have to lower their prices in order to achieve the desired increase in sales. Lower Prices: During the Introduction stage, companies can very often charge early adopters a premium price for a new product.However, when the demand for their product starts to increase, and the company moves into the Growth phase of the product life cycle, they are likely to face increased competition as new manufacturers look to benefit from a new, developing market.