The 5 stages of the product life cycle are:
The stages are based on sales and profits, and are intended to help businesses make decisions about when to introduce new products, how to price them, and how to promote them.
Introduction: This is the stage where a new product is launched. Sales are typically low, and marketing costs are high, as businesses work to build awareness and create demand for the product.
Growth: In this stage, sales begin to increases as more people become aware of and interested in the product. profits also start to grow, as businesses scale their production and marketing efforts.
Maturity: This is the stage where the product has reached its peak sales, and is well-established in the market. competition is typically high, and marketing costs are lower as businesses focus on retaining existing customers.
Decline: This is the stage where sales begin to decrease as the product becomes less popular. Businesses may cut back on production and marketing, or may discontinue the product altogether.
Discontinuation: This is the stage