Product life cycle stages

Product life cycle wikipedia

Typically, a product following a normal life cycle goes through four stages. Starting with introduction, followed by growth, then maturity and ending with product decline.

Obviously, each stage has different characteristics and at each stage the company must apply a different marketing mix strategy. The needs of each stage and the different situations must be taken into account.

However, it should be clarified that not all products follow a normal life cycle; we can mention, for example, early-death products, which only enter the market and decline; and other cases may arise.

To begin with, introduction occurs when the product is launched on the market. As the product is not known, it generates very few sales. But as the target market begins to learn about its advantages, sales begin to increase slightly.

As a result, at this stage the most important element of the marketing strategy will be communication, because if people do not learn about the product, it will go straight from introduction to decline.

Life cycle of a service

Markets are constantly changing and evolving, which means that the products offered by companies have a limited life and undergo an evolution from their launch to their withdrawal, passing through different stages and undergoing variations in sales.

The concept of product life cycle arises from the analogy between the evolution of living beings and that of products, since both go through different stages throughout their existence. A living being traces a life curve that passes through birth, adolescence, adulthood, old age and death. A similar cycle occurs for products, which you can see below.

Identifying the factors that affect the evolution and demand for products, as well as the duration of each of the phases, will determine the company’s ability to adapt its products to new consumer needs.    The life cycle of a product consists of 4 main stages: introduction, growth, maturity and decline.

Product life cycle pdf

In a world distinguished by speed, companies must know the product life cycle to be able to analyze what phase they are in and solve any problems or situations that may arise. Do you know what it is? In today’s post we explain it all to you. You can also take a look at our excellent Master’s Degree in International Marketing.

Within marketing policies, it is understood as the product life cycle from its inception to its death. We must know all these stages to be able to influence them and to be able to externally control the duration of the product life cycle.      Let’s go through each of these stages in detail.

This is the moment we introduce the product to the market, the first time a potential buyer recognizes it. We are in a phase of the product life cycle when we must intensively promote the product. It is necessary for people to get to know it, and for this reason, a lot of resources are devoted to promotion.

The duration of this phase is undetermined, since it depends on the success of the product. If it is something very new and radical, this stage will be very short. Since it is very new, people will want to buy it quickly. If it is a product that already exists, it will cost more. For example, cell phones did not take too long to enter the market, as it was something that was highly anticipated.

Life cycle of a company

Like everything in life, products also go through different stages throughout their existence. This is a process of evolution that is necessary for any product and is related to the satisfaction of new consumer needs and the progress of industries.    In this article we are going to analyze what are the stages of the life cycle of a product and we will see some examples so that you can better see its meaning and importance in the marketing processes.

The life cycle of a product is divided into different stages that allow marketers to find the right strategies for each one and, in this way, prolong the life cycle before it deteriorates and improve sales.

It is important to optimize the sales performance of products throughout their life cycle or permanence in the market. Although each product evolves differently, they all have the same life cycle.

This first stage of the life cycle is full of uncertainty and risks, since it is the first time the product will be presented to consumers. All the previous market research and product development work is key to the success of the next stage.