7 steps of product life cycle

lazyswan739 · 2022-09-15T07:17:08+00:00

Introduction: The product is launched onto the market. Growth: The product gains popularity and sales begin to increase. Maturity: The product reaches it...

7 steps of product life cycle

lazyswan739

Introduction: The product is launched onto the market.
Growth: The product gains popularity and sales begin to increase.
Maturity: The product reaches its peak sales and begins to decline.
Saturation: The product reaches a point where it has little or no growth potential.
Decline: The product sales begin to decrease rapidly.
Withdrawal: The product is no longer available for purchase.
Discontinuation: The product is permanently discontinued.

Kristen436

There are 7 steps in the product life cycle, which are:

Introduction: The introduction phase is when a new product is launched into the market. This is when businesses do market research and develop a marketing plan to generate buzz and awareness for the product.
Growth: The growth phase is when the product starts to gain traction and sales begin to increase. This is usually the result of effective marketing and word-of-mouth buzz.
Maturity: The maturity phase is when the product has reached its peak in terms of sales and popularity. This is usually the point at which businesses start to see diminishing returns on their investment.
Decline: The decline phase is when the product begins to lose sales and popularity. This is often due to changes in consumer tastes or new competing products entering the market.
Discontinuation: The discontinuation phase is when the product is no longer being manufactured or marketed by the business. This is usually the result of the product being unprofitable or outdated.
Re-introduction: The re-introduction phase is when a product is reintroduced into the market after a period of decline or discontinuation. This can be due to changes in consumer tastes or the development of new technology.
Repositioning: The repositioning phase is when a product is rebranded or repackaged in order to appeal to a new market. This can be done in order to revive sales of a declining product or to capitalize on a new trend.

dianne_flores

The seven steps of the product life cycle are: 1) market research and development, 2) product launch, 3) growth phase, 4) maturity phase, 5) decline phase, 6) re-invention or termination, and 7) post-marketing surveillance.

1) Market Research and Development: This is the first stage of the product life cycle, where companies conduct market research to determine whether there is a demand for their product. They also develop the product,Test it and get it ready for launch.

2) Product Launch: This is the second stage of the product life cycle, where companies launch their product into the market.

3) Growth Phase: This is the third stage of the product life cycle, where sales of the product start to increase.

4) Maturity Phase: This is the fourth stage of the product life cycle, where sales of the product start to level off.

5) Decline Phase: This is the fifth stage of the product life cycle, where sales of the product start to decline.

6) Re-invention or Termination: This is the sixth stage of the product life cycle, where companies may choose to re-invent their product or terminate it.

7) Post-Marketing Surveillance: This is the seventh stage of the product life cycle, where companies monitor the product for any adverse effects once it has been launched into the market.