What is Product Life Cycle

Product Life Cycle

Definition:

The product life cycle is the progression of an item that lasts up to four stages that lengthen during its time on the market. Four stages are: introduction, growth, maturity and decline.

Keep in mind that it is not the same for everyone. That is, each product has a life cycle and the time of the stages differs from one item to another. In the world of digital market, products have a different life cycle than traditional.

The stages of a product’s life cycle

  • Introduction: at this stage the product is new to the market. It is the time when the company tries to raise awareness about the product.
  • Growth stage: it is the time when the product has the highest sales. The company tries to develop brand preference and increase market share.
  • Maturity: here growth is slower and there is great competition. The product has similar offers in the market, and therefore the important thing is to differentiate itself from the rest.
  • Decline: At this stage the profits of the product are at their lowest point. The competition is even greater and other techniques are beginning to be used to increase the sale.

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