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3.01-B Product Life Cycles

Explore the 4 stages of a product's life cycle - Introduction, Growth, Maturity, Decline. Learn the goals, changes, and strategies companies implement at each stage to stay competitive.

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3.01-B Product Life Cycles

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  1. 3.01-B Product Life Cycles

  2. Intro • What is a product that has been around for as long as you can remember? • How has it changed over the years?

  3. Product Life Cycle • Product Life Cycle represents the stages that a product goes through during its life. • There are 4 Stages of Life Cycle: • 1. Introduction • 2. Growth • 3. Maturity • 4. Decline

  4. Product Life Cycle • What are the goals of the Introduction Stage? • To increase product awareness • Get the customer’s attention thru promotion • Lots of special promotion • During Growth Stage: • Customers are aware of product, sales increase • Companies focus on customer satisfaction • Competition starts from other companies

  5. Product Life Cycle • What happens during Maturity Stage? • The product’s sales level off. More money is spent on competition during this stage. • During the Decline Stage: • Sales start to decline. A company must decide to alter the product, discount, or discontinue product.

  6. Growth Growth Development Maturity Decline Development Maturity Decline Few: Few: Growing adopters: Growing adopters: Growing selectivity Growing selectivity Drop-off Saturation of Drop-off Saturation of trial of trial of trial of trial of of purchase of purchase in usage users in usage users early early product/service product/service Repeat purchase Repeat purchase adopters adopters reliance reliance Entry of Entry of Exit of some May be many Exit of some May be many Fight to maintain Fight to maintain competitors competitors competitors competitors share share The life product cycle model

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