What are the four stages of the product life cycle?

The four stages of the product life cycle are widely recognized as introduction, growth, maturity, and decline. This model provides a framework for understanding the evolution of a product over time.

In the introduction stage, the product is launched into the market, focusing on building awareness and attracting early adopters. Following this, the growth stage occurs, characterized by increasing sales and market acceptance, leading to more significant revenue and often the introduction of additional marketing efforts to expand the customer base.

The maturity stage represents the point where the product reaches its peak market penetration, and sales growth slows as the market becomes saturated. In this stage, companies typically focus on differentiation and retention strategies to maintain market share.

Finally, in the decline stage, sales begin to decrease as products face obsolescence or waning consumer interest, necessitating decisions about whether to rejuvenate the product, discontinue it, or pivot strategy.

This established framework is crucial for marketers in determining strategies appropriate to each phase of the product life cycle, allowing for better resource allocation and targeted marketing efforts throughout the product's market presence.