Can You Describe The Stages Of The Product Life Cycle?

The Product Life cycle consists of the following four stages:

Introductory Stage:

Motive: Creating awareness

In this stage:


Branding begins and quality levels are established. If possible, patents and trademarks are obtained for the intellectual property. Distribution is limited, costs are high, and volume is low.Promotion is based on creating awareness and making a place in the market.

Growth Stage:
Motive: Penetration, Positioning and loyalty.
In this stage:


Prices are steady to declining, as every participant in the industry is focused on market share and becoming the low-cost producer. Costs are declining with increasing volumes, and profits are improving. Distribution is increasing as well. Competitors are attracted to enter the market.
During this stage, as competitors enter the market:
Marketing strategy starts to shift from education and awareness to differentiation.the sales presentation moves to strong proposals and demands higher presentation skills. There is a need to develop trust. The sales cycle is longer, and there are more complex decisions.


Maturity Stage:
Motive: Visibility (Reinforcement)
The market maturity stage occurs when the market has become saturated. During this stage:

Sales growth rate tends to decrease. Efforts are focused on differentiation of the product. Pricing may be lower because of increased competition. More internal pressure is placed on reducing costs. Margins begin to shrink as marginal competitors are forced out of the market. Distribution is maxed, and promotions come into play as a way to encourage preference over competing products.

Decline stage:
The market decline is recognized by the downturn in the demand for the product. It may be caused by the introduction of an innovative new product or changing consumer tastes. As volume declines, competitors focus on maintaining market share while maximizing profits. Efforts focus on reviving the product by adding features and finding new uses.

In this stage, one of these can be done:
Repositioning Withdrawal Run-Out Phase out.
In this stage, the costs will remain steady or decline. Advertising should be reduced unless there is some hope of repositioning the product in an effort to prolong its life and the potential for profits.

Product Life Cycle is the common theory in the business which provides the position of a business in the market. There are five stages which include development, introduction, growth, maturity and decline. In the development stage, the companies plan to start some business and make a business plan. For example, for the first time when Nike would have decided to start its brand.

In the introduction stage, the company launches the product in the market like Nike started its business operations. In the third stage, company starts growing like Nike products got popular among the consumers at this stage. This stage ultimately leads to maturity of the product, at which currently Nike is.

In fact decline stage is the stage in which the company loses its position and it has to get out of the market. This stage is reached if the company remains unable to bring innovations for the customers. For example, a number of brands come and they become popular and passes through the growth stage but soon they get the decline stage.

The answer of life is Four-Wheeler racing.