What Is Product Life Cycle?

You know what they say: a product's life is like a roller coaster. You start with research and development; then, you get sales growth, followed by maturity, market saturation, and decline. The product life cycle is a marketing theory that describes the stages every product goes through as it exists worldwide. First, a product is introduced. The research and development stage is when the product is still being created and tested. Then it begins to sell, and sales grow over time. At this point, we are in the growth phase of our product's life cycle. Eventually, sales begin to level as more people buy the product, and we enter into maturity. It can be tricky for marketers because they must figure out how to get consumers interested in their products again! Finally, sales decline as more people adopt similar products or stop buying altogether. We've reached saturation. The product life cycle is a well-known theory that describes the journey of a product through the various stages of its life. This theory is similar to humans and animals, which can compare to each other in terms of birth, growth, maturity and decline. The product life cycle begins with the advent of an idea. It could involve new technology or even an invention that has never been seen before by the general public. The next stage requires growth, where sales increase as more people become aware of this new product or technology and start to buy it. The next step involves maturity, where sales decline as consumers become bored with their purchases or find better alternatives elsewhere, such as cheaper products from overseas suppliers. Who has lower prices due to more affordable labor costs associated with overseas production facilities in developing countries such as China, etcetera? Eventually, these products will become obsolete and no longer sell well enough to justify their continued production; this leads us into a decline where production stops entirely because no one wants them anymore!