Understanding the 4 Stages of a Product Life Cycle

product life cycle  Product Life Cycle · Introduction Stage This stage involves introducing a new previously unknown product · Growth State  The product life cycle is an important concept in marketing It describes the stages a product goes through from when it was first thought

Marketers use the product life cycle to follow this progression and identify strategies to influence it The product life cycle starts with the product's Factors affecting the Product Life Cycle · 1) Technology · 2) Changing needs and tastes · 3) Economic conditions · 4) Competition · 5) Marketing The way you

Product development is the incubation stage of the product life cycle There are no sales and the firm prepares to introduce the product As the product Product Life Cycle definition