Product Life-Cycle


A business's marketing strategies must change as the product evolves over its's lifecycle, as each stage of the cycle presents new challenges and opportunities to the business. 

The product lifecycle is typically divided into for stages: introduction, growth, maturity, and decline.

1. Introduction: A period of slow sales growth as the product is introduced to the market. To generate interest and awareness, a business needs to invest heavily in marketing and promotion.

2. Growth: A period of rapid market acceptance and substantial profit improvement. Businesses will continue to invest in marketing, but at a lesser rate than during the introduction stage.

3. Maturity: A slowdown in sales growth because the product has achieved acceptance by vast potential buyers. To stay afloat, businesses typically focus on cost-cutting measures and marketing campaigns that differentiate their product from competitors.

4. Decline: Sales slow a downward drift and profits erode. Businesses may choose to discontinue the product or re-brand it in an attempt to rejuvenate interest. 

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