Product Life Cycle
By: Ashleigh Brown
The evolution of a product/service on the market. The different stages of the product life cycle include; introduction, growth, maturity, and decline.
- Product is introduced to the market.
- Costs are high, profits are low.
- Much time and money is spent on promotion.
- Success grows.
- Sales and profits increase.
- Emphasis is on customer satisfaction.
- Competition becomes a factor.
- 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.