The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. The time spent at each stage will depend on the type of product sold. For example, new electronic devices cycle through these stages quite quickly in comparison to a kitchen appliance that’s meant to last for years. With the product fully developed, it is ready to introduce to the market. At this first stage of the product life cycle, businesses must establish branding and grab attention. The market might be wary about the uses or quality of the product. This must be addressed with a solid product-market strategy to highlight strengths, building user trust. Once your product’s been introduced, it enters the growth stage of the product life cycle. This looks at ways to increase sales figures and distribution channels.

Varchas Manohar

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