Introduction Stage:įirstly, the concept indicates that products have a limited life and management must develop new products or improve existing ones to replace them to maintain sales and profits. Every stage creates unique problems and opportunities and, therefore, requires a special marketing strategy.Ī brief description of each stage and the marketing strategy required for it is given below: 1. But sales volume and profit level change from stage to stage as shown in Fig. The length of the cycle and the duration of each stage may vary from product to product, depending on the rate of market acceptance, rate of technical change, nature of the product and ease of entry. These stages in the life of a product are collectively known as product life-cycle. A typical product moves through five stages, namely, introduction, growth, maturity saturation and decline. Like human beings, products also have a limited life-cycle and they pass through several stages in their life-cycle. Product Life Cycle Stages: 5 Stages (With Diagram) Product Life Cycle Stages – Introduction Stage, Growth Stage, Maturity Stage, Decline Stage, Abandonment (With Marketing Strategies) The stages involved in the product life cycle are:- 1.
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