Product Development: The first step of the product life cycle is the development of a new product. This stage includes researching and designing the product, as well as testing and refining it.
Introduction: The introduction stage is when the product is launched into the market. This includes advertising, promotions and other marketing activities to make the product known to potential customers.
Growth: During the growth stage, the product becomes more widely known and accepted by customers. This is the stage where sales and profits start to increase.
Maturity: During the maturity stage, the product is well established in the market and sales are at their peak. This is the stage where the company will focus on improving the product and keeping customers satisfied.
Saturation: At the saturation stage, the market becomes saturated with the product and sales start to decline. Companies will start to look for ways to differentiate the product from competitors.
Decline: During the decline stage, sales and profits start to decline. Companies may start to reduce their spending on the product and look for ways to cut costs.
Discontinuation: The final stage is when the product is discontinued from the market. This could be due to a variety of reasons, such as obsolescence or the product no longer being profitable.