What are the stages of the product life cycle?

The stages of the product life cycle are essential for understanding how products evolve over time in the market. The correct answer, which outlines the stages as introduction, growth, maturity, and decline, details the typical progression that products experience after they are launched.

In the introduction stage, a new product is introduced to the market, where it often faces initial challenges in gaining traction due to low awareness and acceptance among potential customers. Following this, during the growth stage, the product begins to gain popularity, sales increase, and market share can expand as more consumers become aware of and start to purchase the product.

As the product reaches the maturity stage, it becomes well-established in the market, and sales growth typically slows down as the market reaches saturation. At this point, competition increases, and businesses may need to employ strategies such as differentiation or promotional tactics to maintain their standing. Finally, in the decline stage, product sales decrease due to various reasons, including market saturation, shifting consumer preferences, or the introduction of superior alternatives. This stage often leads to businesses re-evaluating their strategies and deciding whether to discontinue the product or innovate.

Understanding these stages helps marketers develop appropriate strategies for each phase, ensuring effective management of the product portfolio and maximization of profits throughout its