Product Life Cycle
like a butterfly except with products
def. A series of four basic stages which products go though in their time on the market.
These four stages include the Introduction stage, the Growth stage, the Maturity stage, and the Decline stage.
THE STAGES
Introduction
The product is introduced to the market. Goals include increasing product awareness, getting the customer's attention though promotion, and using an abundance to special promotion.
Growth
The product becomes more and more popular and sales increase. Goals include customer satisfaction. Competition from other companies begins.
Maturity
The popularity of the product has peaked. Sales level off. More money is spent on competition. Goals include altering products to meet customer's needs and keeping customer interest
AND FINALLY...
Decline
The product has reached the final stretch of its life. Sales begin to decline. The company must decide between keeping the product on the market and altering it further, discounting the product to promote sales, and eventually, discontinuing the product completely.