What are the stages of the product life cycle?

The stages of the product life cycle are a framework used to understand the progression of a product through various phases from its inception to its eventual decline in the marketplace. The correct stages are Introduction, Growth, Maturity, and Decline.

In the Introduction stage, the product is launched into the market, and marketing efforts focus on creating awareness and stimulating initial demand. As the product gains traction, it enters the Growth stage, characterized by increasing sales, market acceptance, and often, competition entering the market. This phase sees a significant rise in profitability as the initial hurdles are overcome.

Next is the Maturity stage, where the product reaches its peak in terms of market penetration and sales. Here, the market may become saturated, and growth slows. Companies often focus on differentiation and improving their offerings to maintain their market share. Finally, the product enters the Decline stage, where sales begin to fall due to various factors, such as market saturation, changes in consumer preferences, or the introduction of superior alternatives.

This model assists marketers in strategizing for each stage, helping them adapt their marketing mix and manage the product effectively throughout its life span. Understanding these stages is crucial in making informed decisions about investments in marketing, product enhancements, or phasing out a product