What Are The Phases Through And Which Product Goes Through?

Like a human being, in all businesses every product, including goods and services pass through a number of steps from introduction, through growth and maturity to decline and eventually elimination. The cycle starts off when the idea is originated for any new product and planning takes place. Then comes the development phase where the product is put in to implementation.

Once the product has been developed it is launched and introduced in to the market where customers can either reject it or accept it.Next phase is the growth of the product where it can either become a star product or a dog product. Once the product is in the market for some time, the phase of growth starts where its growth takes place and eventually when the product is in the market for too long the phase of saturation arrives.

As soon as other competitor's launch the same product line but in a better way, the decline phase of the original product starts to take place and eventually death of the product when there is no more need of the product in the market.However, some products do not pass all phases of life and from introduction they land up in elimination that is if they are not successful in the market and do not grab a market share.