Product Life Cycle Definition

product life cycle definition

What is Product Life Cycle?

Product life cycle definition: :

  1. Introduction: the product is released to the market
  2. Growth: the product grows in popularity
  3. Maturity: the product’s sales continue but do not increase
  4. 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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