Five Stages of Product Life Cycle
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Five Stages of Product Life Cycle

Introduction period

Maturity

Product development period

Growth period

Recession

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Five Stages of Product Life Cycle

New products are newly launched and sales are slow. Because the cost of introducing products is too high, the initial profit is usually low or negative, but at this time there are no or very few competitors.

From the idea of developing a product to the period of successful product manufacturing. During this period, sales of the product were zero, and the company's investment continued to increase.

After a period of time, the products have become quite well-known, sales have grown rapidly, and profits have also increased significantly. However, due to the rapid growth of the market and profits, it is easy to attract more competitors.

During this period, product sales declined significantly and profits fell sharply. Survival of the fittest, more and more market competitors.

At this time, the market growth trend is slowing down or saturated, the product has been accepted by most potential buyers, and profits have gradually declined after reaching the peak. At this time, market competition is fierce, and the company needs to invest a lot of marketing expenses in order to maintain its product position.

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publish time: 2021-03-01
Lisa Anderson

The concept of product life cycle, PLC for short, compares the sales history of a product to the life cycle of a person, going through the stages of birth, growth, maturity, aging, and death. As far as the product is concerned, it means going through a stage of development, introduction, growth, maturity, and decline. The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. Check more details from this diagram, or learn more in template gallery.

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