Meaning of product life cycle
Product life cycle
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Business glossary
Meaning of term product life cycle :
The product life cycle shows the different stages that a product passes through during its lifetime. The standard product life cycle tends to have five or six phases. First there is the development of the product - a phase where there are no sales. Secondly there is the introduction phase of the product - at this stage the sales may grow relatively slowly while information about the product is disseminated and the main purchasers at this stage may be early adopters. Thirdly there is the growth phase - in this phase there may well be rapid growth of the product as it becomes more widely purchased. The fourth phase tends to be known as maturity (which may sometimes market saturation) - in this phase the product has become a well known product and while sales may still be strong, they are unlikely to be growing fast. The final phase is usually called decline and this phase is fairly self-explanatory!
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Product life cycle
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