Product Life Cycle- Overview

Every product has a life cycle. And every product class has a life cycle. The life cycle is generally broken down into four parts. A graphical representation of the Product Life Cycle is shown below:

Product Life Cycle

The four stages are defined as: (From a business to consumer B2C point of view.) (Added links for further explanation of each stage.)

  • Introduction– Here the company tries to educate the consumer about how the product works, why its needed and work on distribution of the product.
  • Growth– Now that consumers know more about the product, companies try to build brand loyalty and increase their market share.
  • Maturity– Sales begins to slow and competitors appear to have the same or similar product. Companies are trying to defend market share.
  • Decline– A product may become obsolete, need to be revamped or just continues to make sales. Some products do not face being obsolete.

The picture shows one way a product life cycle may evolve. Sometimes it may cycle back and forth between maturity and growth due to innovations of ideas. Where is Your product on this curve? Just because it is in the Introduction or Decline stage, doesn’t mean you should or shouldn’t be marketing the product.

In future posts I will talk about each stage in more detail.

Know the Life Cycle,
Sam Carrara

About Sam

I try to enjoy life and impart tidbits of wisdom with other people. This picture of me was taken on top of a ski slope in Aspen, Colorado after a wedding for my sister-in-law.
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3 Responses to Product Life Cycle- Overview

  1. Tip Diva says:

    Thank you for submitting your post to Carnival Of Tips!

    Great post – not enough people pay attention to life cycles, which can make or break your product. I look forward to reading your breakdowns.

  2. Pingback: Carnival of Enterprise Architecture #9 - March 4, 2008 | PMToolbox :: Tools and Resources for Project Management

  3. Herald says:

    Long I was searching a subject for a project.Now I got it while I reading this.I think it should enough to refer this blog only.Expecting more post on this.

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