How many stages are there in the product life cycle?
Thus the Product life cycle deals with four stages of a products life. Stage 1 of Product life cycle – Introduction of the product. Stage 1 of Product life cycle – Introduction of the product.
What is the product life cycle and why is it important?
The product life cycle benefits businesses because they can shift their wording and positioning to best market the product at the stage it is in. If your product has recently been introduced and you try to market it as a long-established solution, consumers will see right through it and trust you less as a result.
What happens during the maturity stage of a product development cycle?
In this stage, saturation is reached and sales volume is maxed out. Companies often begin innovating to maintain or increase their market share, changing or developing their product to satisfy new demographics or keep up with developing technologies. The maturity stage may last a long time or a short time depending on the product.