Section 4
Product Life Cycles
Book
Version 3
By Boundless
By Boundless
Boundless Marketing
Marketing
by Boundless
6 concepts
![Thumbnail](../../../../../../figures.boundless-cdn.com/12977/square/-11-03-20at-207.12.06-20am.jpg)
The Product Life Cycle
Every product goes through the various life cycle phases of introduction, growth, maturity and decline.
![Thumbnail](../../../../../../figures.boundless-cdn.com/12982/square/-11-03-20at-209.43.18-20am.jpeg)
Growth
During the growth stage, the public becomes more aware of the product; as sales and revenues start to increase, profits begin to accrue.
![Thumbnail](../../../../../../figures.boundless-cdn.com/12983/square/-11-03-20at-209.43.18-20am.jpeg)
Maturity
During the maturity stage, sales will peak as the product reaches market saturation, and competition will grow increasingly fierce.
![Thumbnail](../../../../../../figures.boundless-cdn.com/12987/square/-11-03-20at-209.43.18-20am.jpeg)
Decline
During decline, sales growth becomes negative, profits decline, competition remains high, and the product ultimately reaches its 'death'.
![Thumbnail](../../../../../../figures.boundless-cdn.com/12978/square/-11-03-20at-207.13.41-20am.jpg)
Product Life-Cycle Curve
Product life cycles are a useful guide to lifetime sales and profits, and can help marketers understand what strategies to deploy & when.
![Thumbnail](../../../../../../figures.boundless-cdn.com/12984/square/11-03-20at-2011.57.20-20am.jpg)
Impact of the Product Life Cycle on Marketing Strategy
The stage of the life cycle of the product affects how it is marketed.