What is Product Life Cycle?
Product life cycle definition: :
- Introduction: the product is released to the market
- Growth: the product grows in popularity
- Maturity: the product’s sales continue but do not increase
- Decline: the product’s sales begin to decrease
Each of these stages impacts one of the 4Ps of the marketing mix:
- Product
- Price
- Placement
- Promotion
Product life cycles can vary dramatically depending on the product, industry, and relevance of a product.
For example:
- Fidget Spinners passed through all stages in under three months
- Harley Davidson motorcycles can take years to pass through
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