What are the product life cycle stages?

Saddysybug

The 5 stages of product life cycle are: 1. Product Development 2. Introduction 3. Growth 4. Maturity 5. Decline Each stage has its own characteristics that will impact the marketing mix for the product. The product life cycle is important to understand as it will help determine what strategies should be used to market the product, and when.

purplepanda351

The product life cycle consists of five distinct stages: introduction, growth, maturity, decline, and withdrawal.

Introduction: This is the stage in which a new product is launched into the market. Sales are typically low during this phase as customers are unaware of the product and its benefits. To raise awareness and generate interest, companies typically invest heavily in marketing and promotion during the introduction stage.
Growth: Once customers become aware of the product and its benefits, sales start to grow. This continued increase in sales leads to economies of scale, which reduce the unit cost of the product. Competition also typically increases during the growth stage as other companies enter the market with similar products.
Maturity: Sales of the product reach their peak during the maturity stage. At this point, the product has become well-established in the market and customers are typically loyal to the brand. To stay ahead of the competition, companies focus on refinement and marketing during the maturity stage.
Decline: Sales of the product start to decline as customers become aware of better alternatives or the product becomes outdated. To counter this, companies typically reduce prices and engage in heavy promotion.
Withdrawal: Finally, the product is withdrawn from the market when sales no longer justify the costs of production and marketing. This is typically the end of the product life cycle.

Carl787

The five stages of the product life cycle are:

Introduction
Growth
Maturity
Saturation
Decline

The product life cycle is the natural progression of a product from launch to being discontinued. It is important for businesses to understand the different stages of the product life cycle, as each stage has different challenges and opportunities.

Introduction: This is the stage where the product is first launched. There is typically low sales volume at this stage, as awareness of the product is low and consumers are unsure of its value. Businesses need to invest heavily in marketing and promotion to generate interest and increase sales.
Growth: This is the stage where sales start to pick up and the product becomes more popular. Awareness of the product increases and it starts to become established in the market. This is typically a period of high growth for the business.
Maturity: This is the stage where the product has reached its peak sales and is now starting to decline. Competition begins to increase and prices may start to drop. Businesses need to focus on product differentiation and marketing to maintain sales.
Saturation: This is the stage where the product has reached its maximum sales potential and is now in decline. Competition is intense and prices are falling. businesses need to focus on cost-cutting measures to remain profitable.
Decline: This is the stage where the product is no longer profitable and is discontinued. Sales have fallen to the point where it is no longer viable for the business to continue selling the product.