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.