What is the maturity stage of the product life cycle?

Maturity Stage: The maturity stage of the product life cycle shows that sales will eventually peak and then slow down. During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms. Ultimately, during this stage, sales will peak.

Which are the 4 basic stages of the product lifecycle?

The product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline.

What is the decline stage?

the final stage of the product life cycle (after introductory stage, growth stage and maturity stage) when sales are dropping because the original need and want have diminished or because another product innovation has been introduced.

What is product life cycle and example?

The product life cycle is the course of the life of a product from when the product is in development to after it has been removed from the market. This process happens continually – taking products from their beginning introduction stages all the way through their decline and eventual retirement. …

Which product is in decline stage?

Decline (and death): When sales and profits fall, the product has reached the decline stage. The rate of decline is governed by two factors: the rate of change in consumer tastes and the rate at which new products enter the market. Sony VCRs are an example of a product in the decline stage.

What can a company do when product is in decline stage?

Product decline strategies reduce your costs and find another use for the product – entering into another niche area could increase profits. reduce marketing support, ‘harvest’ the product, coast along until profits dry up and then discontinue the product.

What are the 6 stages of the product life cycle?

The 6 Stages of the Product Life Cycle

• 1. Development. The development stage of the product life cycle is the research phase before a product is introduced to the marketplace.
• Introduction. The introduction stage is when a product is first launched in the marketplace.
• Growth.
• Maturity.
• Saturation.
• Decline.