Product Life Cycle

As human being goes through different stages in same way product goes through different stages.Basically, there are four stages of product life cycle--

Introduction
Growth
Maturity
Decline

Each stage having own importance.The product life cycle refers to success of each stage a product goes through.

Introduction Stage
Low sales volume
High cost
Losses

Growth Stage
Cost reduced
Increse sales volume
Profit

Maturity Stage
Very profitable
Low cost
Price drop due to competition
Sales volume on peak

Decline Stage
Sales start decline
Profit start decline
prices drop

Where Marketers can apply product life cycle
Product Category
Product Style
Product Item/Brand