What is product life cycle meaning?

A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.

Why is product life cycle important?

The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.

What are the four stages of the product life cycle?

Product life cycle refers to the study of the life time process of a product in the market. However the process is in four independent stages which are called – Introductory stage, Growth stage, Maturity stage and Decline stage; They are further popularly referred to as the four product life cycle stages in marketing.

What are the different product life cycle stages?

Introduction. This is the stage where a product exits the development and testing phases and enters the market. Unless the seller or manufacturer is a household name, growth is generally slow at the beginning.

What are the factors affecting product life cycle?

Several key factors affect how long the product life cycle lasts. Quality and durability of the product itself are important. So too is the level of competition. Fewer competitors means those participating in the industry can likely get more out of their products. Size of the market is another factor.

How does the product life cycle work?

Products, like people, have life cycles. The product life cycle is broken into four stages: introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.