What are the Four Stages of Product Life Cycle?
The Product Life Cycle (PLC) is a sequence of steps from introduction to growth, maturity and decline through which most products progress. The Product Life Cycle has a significant impact on marketing strategy, the marketing mix and on new product development.
For this reason, in this post I am going to shortly introduce the four phases of Product Life Cycle and to list some of the key features associated with.
1. Introduction (or start-up) Stage
- product branding is established
- intellectual property protection are obtained
- pricing strategy defined
- distribution channels identified
- marketing strategy defined
2. Growth Stage
- product quality is maintained and additional features and services may be added
- pricing is maintained
- distribution channels are added as demand increases
- promotion is aimed to a broader audience
3. Maturity Stage
- Product features may be enhanced to differentiate the product from competitors
- pricing is maintained
- distribution becomes more intensive
- promotion emphasizes product differentiation and new features
4. Decline Stage
- Maintain the product on the market possibly adding new features to find new users
- Reduced pricing
- Discontinue the product, liquidate remaining inventory
In the following video, you have also the possibility to learn more about what each stage means:
Conclusion
In this short post, the four stages of product life cycle have been described. However, a more extensive description is presented in the New Product Development Training Program developed by Accialini Training & Consulting!
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PS: A quick spoiler about the next post… What is the most critical stage?
Stay tuned.