Product Life Cycle : A Product

857 Words Mar 25th, 2016 4 Pages
Product Life Cycle

A product is like a person. It is born, grows up, matures and then passes away. The product life cycle discusses the stages which a product has to go through since the day that is comes out to the day that it is taken off the shelf. However, the difference between a human dying and a product is that the product is killed by someone. Either the company or by competition. There are several products in the market that have been around forever and there are ones that don’t make it very long. That is why the Product of Life Cycle comes in four stages. Stage 1 of Product life cycle – Introduction of the product.
The stage 1 is where the product is brought out. A product launch is always tricky. There have been failures in the past to make marketers nervous during the launch of the product. The length of the introduction stage depends on the product.

Stage 2 of Product Life Cycle – Growth of the product
Once the introductory phases are over, the product starts showing better returns on their investments. Your customers begin responding. There is better demand in the market and the product starts making money.

Stage 3 of Product Life Cycle – Maturity stage of the product
One of the problems associated with maturity stages in the Product of Life Cycle is the problem of duplication. Different companies will make it different ways and make for competition. Which can make one company more profits then another.

Stage 4 of Product Life Cycle – Stage of…

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