The 6 Stages of the Product Life Cycle [+Examples]

What is the product life cycle?

The product life cycle is the process that any product goes through from creation to decline. It is made up of different stages that each have their own unique characteristics and challenges for marketers.

What are the stages of the product life cycle?

1. Development

This is the first stage where the product is still in the development phase. Marketers will not be doing much at this stage as the product is not yet ready for marketing.

2. Introduction

The introduction stage is when the product is finally ready to be launched into the market. Marketers will focus on creating awareness and generating interest in the product.

3. Growth

The growth stage is when the product is gaining momentum and sales are increasing rapidly. Marketers will need to focus on maintaining market share and improving product quality to keep up with demand.

4. Maturity

The maturity stage is when sales have plateaued and the product is now facing competition from similar products. Marketers will focus on maintaining market share and finding new uses for the product to keep customers interested.

5. Saturation

Saturation is when the market for the product is saturated, and sales have started to decline. Marketers will need to focus on finding new markets for the product or figuring out ways to differentiate the product from competitors.

6. Decline

The decline stage is when sales have dropped significantly, and the product is no longer profitable. Marketers will need to figure out if it's worth taking the product off the market or if it's possible to revive it.

Importance of the Product Life Cycle

The product life cycle is important for marketers to understand as it helps them anticipate the needs of the market and adjust their marketing strategy accordingly. By understanding the different stages of the product life cycle, marketers can effectively market their products to maximize profits and stay ahead of the competition.

Product Life Cycle Limitations

The product life cycle theory has limitations as not all products follow this pattern. Additionally, the length of each stage can vary depending on the product, the market, and various external factors.

Breaking Down the Product Life Cycle Theory

The product life cycle theory can be broken down further into sub-stages such as development, growth, saturation, and decline. This can help marketers better understand where their product is in the cycle and adjust accordingly.

Product Life Cycle Examples

1. The Typewriter

The typewriter is a classic example of a product that has gone through the entire product life cycle. The typewriter was introduced in the 1800s, saw massive growth in the 1900s, reached maturity in the 1950s, faced saturation in the 1970s, and declined in the 1980s.

2. Vine

Vine was an app that allowed users to create and share short video clips. It saw rapid growth upon its introduction in 2013 but then faced competition from similar apps such as Instagram and Snapchat. It ultimately faced decline and was shut down in 2017.

3. Cable TV

Cable TV saw massive growth in the 1980s and 1990s but has faced saturation and decline with the rise of streaming services such as Netflix.

4. Floppy Disk

The floppy disk saw massive growth in the 1980s but faced saturation and decline with the rise of USB drives and other storage devices.

International Product Life Cycle

The international product life cycle is similar to the product life cycle but takes into account that the product life cycle may be different depending on the country or region. For example, a product may be in the growth stage in one country but in the maturity stage in another.

When to Use the Product Life Cycle

The product life cycle can be used to determine the best time to introduce a new product or make changes to an existing product. It can help marketers anticipate the needs of the market and adjust their marketing strategy accordingly.

Keep Your Product’s Life Cycle in Mind

When marketing a product, it's important to keep in mind where the product is in its life cycle. By understanding the different stages of the product life cycle, marketers can effectively market their products to maximize profits and stay ahead of the competition.