What are the stages of the product life cycle?

The stages of the product life cycle are accurately described as introduction, growth, maturity, and decline. This concept is fundamental in marketing, as it outlines the progression of a product from its inception to its eventual withdrawal from the market.

During the introduction stage, a product is launched and made available to consumers. Marketing efforts are crucial during this phase to build awareness and stimulate demand, often requiring significant investment.

The growth stage follows, where the product begins to gain traction, leading to increased sales and market acceptance. This phase typically involves expanding distribution channels and improving marketing strategies to capture a larger audience.

Next is the maturity stage, where sales growth starts to slow as the product reaches widespread adoption. During maturity, market saturation occurs, and companies may focus on differentiation strategies to maintain market share amidst increased competition.

Finally, the decline stage occurs when sales and profitability diminish, often due to market saturation, changes in consumer preferences, or the introduction of new products. Companies must then decide whether to discontinue the product, innovate to revive interest, or manage the decline strategically.

This framework helps marketers understand the long-term trajectory of their products and informs decisions regarding pricing, promotion, and resource allocation at each stage. Other options presented do not accurately encompass the comprehensive stages recognized in