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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.

 

When you develop a New Product or Service, it is fundamental that you understand and take into account and plan all phases of Product Life Cycle in advance.

 

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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For any further information, contact us at [email protected].

 

PS: A quick spoiler about the next post… What is the most critical stage?

Stay tuned.

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