Definition
- (Product Development/Biology) The four stages that a new product is thought to go through from birth to death: introductory, growth, maturity, and decline. Controversy surrounds whether products do indeed go through such cycles in any systematic, predictable way.
- (Strategic Marketing) The product life cycle (PLC) has four premises:
• that products have a limited life
• that product sales pass through distinct stages, each stage having different implications for the seller
• that profits from the product vary at different stages in the life cycle
• that products require different strategies at different stages of the life cycle
Product Life Cycle Stages:
- Introduction—the slow sales growth that follows the introduction of a new product
- Growth—the rapid sales growth that accompanies product acceptance
- Maturity—the plateauing of sales growth when the product has been accepted by most potential buyers
- Decline—the decline of sales that results as the product is replaced (by a substitute) or as it goes into disfavor[1]
See also
References
- ^ American Marketing Association, AMA Dictionary. (May 2015)