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Economics Name: Institution: Course: Tutor Introduction A business start up begins with the inception of a business idea; the idea is later transformed to a product or service. After the product or service has been identified it is vital to carry out a comprehensive financial and legal planning.
The second step entails getting training that may help an entrepreneur to identify the most suitable sources of business financing (U.S.Small Business Administration, 2013). Therefore, Sonny Erriccsson phone was identified as a product of study, whereby, its life cycle and future market scope has been discussed under the following subheadings. a). Specifically identify the product; its life cycle and the initial and future scope of the market intend to serve. The product in this case entails Sonny Erriccsson phone, this product falls under electronic and communication industry. Sonny Erriccsson phone entails five phases of product life cycle development namely; development phase, introduction phase, growth phase, maturity phase and finally, decline phase. The introduction phases focuses at creating awareness to both new and existing customers about the existence of Sonny Erriccsson phones. However, this stage tends to experience numerous challenges such as low sales volumes, low profits, higher marketing and advertising expenses. On the contrary, is the growth phase, this phase involves creation of brand preference and market share. In addition, sales and profits tend to be higher in this phase as compared to the introduction stage (Grieves & Michael, 2006). ...
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