The life cycle of a product is generally divided into five stages they are as follows introduction, growth, maturity, saturation period and decline.
let us discuss in brief
- introduction:- The introduction phase is the period taken to introduce the product to the market whenever a company produce a new product its responsibility is to introduce the product in the market.
- growth:- it is a successful trail during which the product gain popularity among the consumers and sales increase at an increasing rate. In growth period the product that was introduced gain popularity among the customer and the customer buy them for their utility.
- maturity:- maturity is the stage in which the sales continue to increase but at a lower rate and the total sales is eventually become constant after growth the product get common and its sales increase but not at higher rate and the sales become constant.
- Saturation period:- the stage which is neutral neither increase or decrease in the sales volumes in saturation period the sales does not increase and does not decrease it is constant.
- decline:- the stage, at which the product is continue falling. In decline stage the product marketing decreased as customers didn't get that much utility because of that the product starts declining.
