Business questions What are the four stages in the product life cycle?
The idea behind referring to the product life cycle of a product is to summarize the important considerations involved at each stage of a product's development, marketing, and conclusion. The four stages in the life cycle are:
1. Introduction - the creation of the new product, the analysis of financial viability, the initial production, the marketing involved in introducing the product to consumers
2. Growth - the stage when sales of the new product increases and the manufacturer strives for increased market share and/or increased profitability
3. Maturity - the stage when competing products may cut into sales, resulting in a need for increased advertising or reduced price per item to attract buyers
4. Decline - the stage when sales are diminished to the point that the company makes the decision to cease manufacturing and selling or to sell the product and manufacturing rights to another company