What Are The 4 Phases Of The Product Life Cycle?

What Are The 4 Phases Of The Product Life Cycle?
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  1. A product can be a tangible good or an intangible service.
    A product goes through the following 4 phases which makes a product lifecycle:
    1. Introduction: When a product is newly introduced in the market, it is in the introduction phase. It is a phase of slow growth. The company has to put in a lot of resources and finances in this phase. Since the product is newly introduced, demand for the product is not established.
    2. Growth: This is the phase when product is expected to sell at a faster rate than that of the Introduction phase. This is phase where people are aware of your product and hence their arises demand for your product. Product development is matured in this phase.
    3. Maturity: It is in this phase that the sale of product is at its peak. Your product is in competition with the other products and demand for product is strong.
    4. Decline: In the decline phase, product reaches its saturation point. In this phase the sales and demand for the product may start declining. This is a phase when you decide whether to continue selling the product or to discontinue its sale.

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