product life cycle

• A products life cycle is a marketing strategy that looks at the four main stages a product goes through
• Introduction : following the advertising campaign, the new product is introduced into the market place
• Growth : Sales will grow as consumers become aware of the product and buy it
• Maturity : Sales are at their peak with companies hoping to achieve maximum sales for the product
• Decline : Sales begin to fall as most interested consumers now own the product or a new product has replaced it
• The length of a product life cycle will depend on the product :

  • classic fashion styles maintain good sales for many years while fashion fad products become popular very quickly but decline just as quickly as new styles are introduced
  • examples of recent fad products are loom bands and fidget spinners
• • Life cycle : the stages a product goes through from beggining (extraction of raw materials) to end (disposal)
• Fad product : a product that is highly popular for only a very limited amount of time