What are the stages of the product life cycle?

The stages of the product life cycle are recognized as Introduction, Growth, Maturity, and Decline. This model describes the progression a product typically experiences from its inception to its eventual exit from the market.

In the Introduction stage, a new product is launched, and awareness begins to build among consumers. This phase involves significant investment in marketing and education to establish the product in the marketplace.

The Growth stage follows, characterized by increasing sales and market acceptance. At this juncture, competition may start to emerge as the market realizes the potential of the product, prompting companies to enhance their offerings or marketing strategies.

As the product reaches the Maturity stage, sales growth begins to slow as the market becomes saturated. Here, the focus shifts to maintaining market share and profitability, often through product differentiation and promotional strategies.

Finally, the Decline stage occurs when sales and interest in the product decrease, which can happen due to various factors such as changing consumer preferences or technological advancements. Companies must decide whether to discontinue, rejuvenate, or harvest the product.

Understanding this cycle enables marketers to develop strategies tailored to the current stage a product is in, ultimately influencing its success in the market.