Business questions

What are the four stages in the product life cycle?

 

Expert Answers

An illustration of the letter 'A' in a speech bubbles

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

See eNotes Ad-Free

Start your 48-hour free trial to get access to more than 30,000 additional guides and more than 350,000 Homework Help questions answered by our experts.

Get 48 Hours Free Access
Approved by eNotes Editorial