1 In the introduction stage, the product is released to the market; pricing and branding decisions are made and marketing begins. 2  In the growth stage, vendors work to increase brand recognition and market share.
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Among the holes in the theory that these critics highlight: 1  There is no set amount of time that a product must stay in any stage; each product is different and moves through the stages at different times. 2  Also, the four stages are not the same time period in length, which is often overlooked.
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INTRODUCTION. This is the stage where a product is conceptualized and first brought to market. The goal of any new product introduction is to meet consumers' needs with a quality product at the lowest possible cost in order to return the highest level of profit.
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Related Terms: Business Cycles; Industry Life Cycle. The theory of a product life cycle was first introduced in the 1950s to explain the expected life cycle of a typical product from design to obsolescence, a period divided into the phases of product introduction, product growth, maturity, and decline.
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The maturity stage is usually the longest of the four life cycle stages, and it is not uncommon for a product to be in the mature stage for several decades. A savvy company will seek to lower unit costs as much as possible at the maturity stage so that profits can be maximized.
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The marketing lifecycle is less comprehensive than the concept of the product lifecycle in manufacturing, which encompasses all the stages a product goes through from its initial conception (beginning-of-life, or BOL) to its eventual disposal at the end of its useful life (EOL).
http://whatis.techtarget.com/definition/product-lifecycle-in-marketing
The product lifecycle, in a marketing context, is all the stages of a product's life span that are related to its promotion and sales. The marketing lifecycle is traditionally broken down into four stages: introduction, growth, maturity and decline.
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1 In the growth stage, vendors work to increase brand recognition and market share. 2  In the maturity stage, market saturation has been achieved. 3  The attempt is to maintain market share. 4  Once sales begin to decrease, extension strategies may be employed to try to keep the product in the maturity stage.
http://whatis.techtarget.com/definition/product-lifecycle-in-marketing
Use product life cycle in a sentence. Show more usage examples... If you want to know how much of a product to make you first need to figure out the product life cycle. 10 people found this helpful. I told me dad about the product life cycle and how it would first begin and then how it would end. 9 people found this helpful. The investor who purchased the website Myspace lost a large sum of money because he did not realize that the site was at the end of the product life cycle by the time he bought it. 10 people found this helpful.
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1 In the maturity stage, market saturation has been achieved. 2  The attempt is to maintain market share. 3  Once sales begin to decrease, extension strategies may be employed to try to keep the product in the maturity stage. 4  Otherwise, the product is in its decline stage and an exit strategy may be set in motion.
http://whatis.techtarget.com/definition/product-lifecycle-in-marketing
what is product lifecycle
The product life cycle is all the stages of a product's life span that are related to its promotion and sales.