Stages of a Products Life Cycle explainer:
Product life cycle
- The introduction, evolution/growth, decline and replacement cycle of products
- Using the product life cycle, companies project sales from introduction to withdrawl, they
plan the decline and replacement stage carefully
Introduction:
- The product is launched with appropriate publicity following market research and sales start
to take off (increase)
Evolution/growth:
- Advertising helps product sales to grow as consumers move to this product from previous ones
Maturity:
- It is important to keep the product in this period of peak sales for as long as possible
Decline/removal:
- Consumers who wish to buy will have done so and the product is eventually withdrawn
Extensions/replacements:
- Updated, improved version is released to maintain sales
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