Product Life Cycle
By: Ashleigh Brown
Description:
The evolution of a product/service on the market. The different stages of the product life cycle include; introduction, growth, maturity, and decline.
Introduction:
- Product is introduced to the market.
- Costs are high, profits are low.
- Much time and money is spent on promotion.
Growth:
- Success grows.
- Sales and profits increase.
- Emphasis is on customer satisfaction.
- Competition becomes a factor.
Maturity:
- Product performance peaks.
- Competition is high.
- Cost for promotion is high.
- Emphasis is on advertising.
Decline:
- Sales fall.
- Profits are low.
- Very little spent on promotion, and strategies such as altering, discounting, selling, are considered.
To Wrap Things Up:
Product Life Cycle are different stages in the market business. There are four stages which are; introduction, growth, maturity, and decline. Each stage plays a big role with each other.
About Us:
If you have in further questions about the Product Life Cycle, please contact our Marketing class by the information provided below.
Email: ashlnbro@stumail.chatham.k12.nc.us
Website: http://nhs.chatham.k12.nc.us/
Location: Pittsboro, NC, United States
Phone: 919- 542-4181