What is product life cycle?

The duration between a product’s introduction to the market and its removal from the shelves is referred to as the Product life cycle.

Below are the stages of the product life cycle:

INTRODUCTION: A product or service is launched in the market during the Introduction stage of the product life cycle. During this stage, consumers will put the product to the test.

GROWTH: Consumers become more interested in a product after it is launched to the market, this is the growth stage. Sales are rising, and new competitors are appearing. Companies develop alliances, joint ventures, and takeovers as products grow more profitable.

MATURITY: The market has reached its maximum capacity. Due to low-profit margins, some manufacturers begin to exit the market later in the Maturity stage of the product life cycle. The dynamics of sales are starting to deteriorate.

DECLINE: A steady drop in sales indicates the start of the Decline stage of the product life cycle. At this moment, your market share is being taken over by competitors. The economic and manufacturing environment is deteriorating.

From pricing and promotion through expanding and cost-cutting, the product life cycle concept aids business decision-making.
Source: The street