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SUMMARY OF PRODUCT LIFE CYCLE STAGES

Product life cycle is the progression of an item through the four stages of its time on the
market. The four life cycle stages are: Introduction, Growth, maturity and Decline. Every
product has a life cycle and time spent at each stage differs from product to product.
We as a consumer always demand for a new product and buy a millions of product every
year. The product they sell have a limited lifespan that’s why most of them invest big amount
for the products to make sure the business continue to grow. There are four different Product
life cycle stages those are:
1. Introduction stage it means the most expensive for the company launching a new
product.
2. Growth Stage is a stage with a strong growth in sales and profits because the company
start to benefits from the scale of production, profit margin and the overall amount of
profits will increase.
3. Maturity stage during this stage the product is established and the aim for the
manufacturer is now to maintain the market share they have built up and they are
competitive.
4. Decline stage , in this stage the market of the product start to shrink maybe because
people want something new and or they already purchase that product so they tried other
product.
Product Life Cycle Examples
It’s possible to provide examples of various products to illustrate the different stages of
the product life cycle more clearly. Here is the example of watching recorded television and the
various stages of each method:
1. Introduction – 3D TVs
2. Growth  – Blueray discs/DVR
3. Maturity  – DVD
4. Decline  – Video cassette

  The idea of product lifecycle management has been around for some time, and it is an
important principle manufacturers need to understand in order to make a profit and stay in
business.

However, the key to successful manufacturing is not just understanding this life cycle,
but also proactively managing products throughout their lifetime, applying the appropriate
resources and sales and marketing strategies, depending on what stage products are at in the
cycle.