Product Life cycle: The 4 vital stages

Introduction-

The introduction is the first stage and is the first part of the life cycle of a product. This is usually when a product is most valid and socially 'hot' on the market.

GROWTH

Growth is the middle part of the product's life cycle, this is very vital to the product's development and could impact whether the product succeeds or ultimately fails.

Maturity

Immediately following growth maturity would fall under development and possibly enlargement of the product. Maturity also means that the product has done all it possibly can before it reaches the last stage.

Last and most definitely least; Decline

After a product has run its course in time it will begin to wither and the public will need or want it less, and less until of course its rendered useless.

Extension Strategies

These are strategies used to increase the market share for a product and possibly a service, this would keep the product in its maturity stage and further away from the decline stage.