The five stages of the product life cycle are:
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.