Section 4
Product Life Cycles
Book
Version 3
By Boundless
By Boundless
Boundless Marketing
Marketing
by Boundless
6 concepts
The Product Life Cycle
Every product goes through the various life cycle phases of introduction, growth, maturity and decline.
Growth
During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.
Maturity
During the maturity stage, sales will peak as the product reaches market saturation, and competition will grow increasingly fierce.
Decline
During decline, sales growth becomes negative, profits decline, competition remains high, and the product ultimately reaches its 'death'.
Product Life-Cycle Curve
Product life cycles are a useful guide to lifetime sales and profits, and can help marketers understand what strategies to deploy & when.
Impact of the Product Life Cycle on Marketing Strategy
The stage of the life cycle of the product affects how it is marketed.