Product Life Cycle: Product life cycle is a model of how products are sold and utilized over their lifespan. It consists of five stages – introduction, growth, maturity, decline, and removal.
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Introduction: The product is announced to the market and the sales revenue is low. Example: The launch of a new smartphone.
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Growth: Once the product gains traction, sales begin to rise quickly. Example: Growing popularity of the smartphone after its initial launch.
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Maturity: After the peak of sales, the product starts to plateau. Example: The sales of the smartphone start to plateau due to competition from newer models.
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Decline: As consumer interest and sales begin to decrease, the product enters the decline phase. Example: Older models of the smartphone are no longer being sold in stores.
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Removal: Once the product is no longer selling or is no longer relevant, it is removed from the market. Example: Discontinuing the older generation of the smartphone.