Importance Of Product Life Cycle

Product Life Cycle

All products go through a product life cycle. A successful product will go through 5 stages, development, introduction, growth, maturity, and decline. It begins in the development stage. An idea is formed and a product is created. The next stage is the introduction stage. In the introduction stage the new product is presented to the market. At this stage early adopters start to purchase the product. If Successful sales will start to increase and the product will move into the growth stage of the product life cycle. If a product reaches the growth stage it is being accepted by the market. Unfortunately the growth stage will not last forever and eventually the market will saturate and sales will begin to flatten out. The longer the maturity stage lasts the better as after this is the decline stage. The decline stage comes when a product becomes obsolete or less desirable sales will decrease and new products will take over. Much of a products success in the latter stages in the product life cycle is down to the performance of new product development so it is critical...