What are the stages of the product life cycle?

The product life cycle consists of four key stages: introduction, growth, maturity, and decline.

In the introduction stage, a product is launched into the market, and brand awareness begins to build among potential customers. This stage is often marked by low sales as the market starts to recognize the product, and the company invests in marketing efforts to gain traction.

As the product gains acceptance, it enters the growth stage, where sales increase rapidly. During this phase, competitors may also enter the market, and the focus is on expanding distribution and increasing market share. Companies often invest heavily in marketing and promotional strategies to capitalize on growing demand.

The maturity stage follows, characterized by peak sales and market saturation. Competition is at its highest, and firms often need to differentiate their products or enhance value to retain customers. The growth rate slows, and companies might explore strategies such as product modifications or market diversification to sustain profitability.

Finally, the decline stage occurs when sales and profits begin to fall due to market saturation, changing consumer preferences, or the introduction of new products. Companies must decide whether to discontinue the product, revamp it, or find ways to maintain its viability in the market.

This understanding of the product life cycle is crucial for marketing management, as it informs