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Product Life Cycle

MAM1010 - HOME
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As consumers, we buy millions upon millions of goods every year. And just like us, these products also have a life cycle. What is a modern life cycle of a given product; 4 common stages (Introduction, Growth, Maturity, Decline)
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Introduction Stage:
  • This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector
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Growth Stage
  • The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase. This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.

Maturity Stage
  • During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage.
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Decline Stage
  • Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product. While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets.
Watch the Video "Traditional Product Life Cycle" and create a summary that will be part of your Google Documents as part of this course material.

Review all the components as part of the Retail Marketing Section
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  • Home
  • Photography
  • Business
    • ENT 1010
    • ENT 1020
    • ENT 1090 Proj. A
    • ENT 2010
    • ENT 2020
    • ENT 2040
    • MAM1010 - Marketing >
      • MAM1010-Introduction
    • FIN1015
  • Design
    • DES3115-Industrial Design
  • Construction
    • CON 1010
    • CON 1120
    • CON 1140
  • Video & Film
    • COM1015 - Media >
      • COM1015 - Day 11/12
    • COM 1105 Audio/VIdeo >
      • COM 1105 -day1.Genres
    • COM 1145 Animation >
      • Frozen - Youtube
    • COM2105 Preproduction
    • COM 2115 Production
    • COM2175: Interactive Presentation
    • COM 2145 Animation
    • Green Screen After Effects
    • COM3105 Preproduction 2
  • Legal Studies
    • LGS3040 Negligence
    • LGS3010 - Property Law
    • LGS3080 Criminal Law
    • LGS3060 Controversy & Change
  • Baron Blocks
  • Link Page
  • Broadcasting
  • COMPUTERS
    • HTML/CSS Intro
    • HTML/CSS Intermediate
  • HTML/CSS 2