Published by: Nuru
Published date: 20 Mar 2022
Product Life Cycle
Product Life Cycle is a concept that attempts to describe a product's sales profits, customers, competitors, and marketing emphasis from its beginning until it is removed from the market.
Stages in the Product Life Cycle are as follows:
Introduction stage:
The market introduction stage is the first or pioneering stage of the product life cycle. In this stage, a new idea is being introduced to a market.
Growth stage:
In this stage, the main purpose of the marketer is to expand distribution and product-line i.e., the range of available product alternatives.
Maturity stage:
In this stage, many firms enter the market with a broad range of products.
Saturation stage:
The saturation stage is a stage at which point the company's growth ends and its sales become horizontal for a certain period.
Declining period:
As the saturation period continues, the sales of the company go on declining and there will be the least profit or loss to the firm.
The figure below is a short description of the characteristics of the product life cycle:
