Stages of The Product Life Cycle
Introduction, Growth, Maturity, and Decline
The Introduction Stage is the stage where your product is first created, and no one knows about it.
- Sales are low
- Negative profits
- Little to no competitors
- Most expensive stage
- Increase awareness
- A lot of special promotion to grab customers attention
The Growth Stage is the stage where your product is known a little, and it's starting to sale.
- Rising sales
- Negative profits still
- Very few competitors
- Be aware of competitors
- Customer satisfaction
The Maturity Stage is the stage where your pretty comfortable, the sale meet a peak, and also the sales rate increase or decrease at this point.
- Sales level off
- High Profits
- Descent amount of competitors, but the number of them is starting to decline
- More money is spent on competitors
- Maintaining the market share they've built up
- Considering product improvements/modifications
- Grab the competitor advantage
- Keeping customers satisfied
The Decline Stage is the stage where you start to lose money, and the market of the product starts to shrink.
- Decrease in sales
- Decrease in profits
- Number of competitors start to decrease
- Making profit
- Product alteration
- Keeping the customers satisfied