Product Lifecycle

Posted in Marketing and Strategy Terms, Total Reads: 8235

Definition: Product Lifecycle

Any new product undergoes different stages from introduction to growth, then maturity and finally decline. This is due to the changing marketing situation and thus impacts the product marketing strategy and marketing mix.

Different stages for product life cycle are: -

  • Market introduction stage: - company builds product awareness and tries to develop a new product for the market
  • Growth Stage: -firm tries to increase the market share and brand preference
  • Maturity stage: -firm tries to defend the market share as there is competition and there is reduction in sales
  • Decline stage: -here the sales decline drastically.

Example: - Product life stages and the respective strategies

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