PRODUCT'S LIFE CYCLE

What are the four stages of a product's life cycle?

What are the four stages of a product's life cycle?

A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.

The product revenue and profits can be plotted as a function of the life-cycle stages as shown in the graph below:

In the introduction stage, the firm seeks to build product awareness and develop a market for the product.

In the ...