What is Product Life Cycle

Product Life Cycle


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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