Product Life Cycle

Product Life Cycle model divides the life cycle of products into five stages: development, introduction, growth, maturity, and decline. Each type of the product goes through all of these stages; however, the duration of each stage depends on a wide range of factors such as the nature of the product, its price, the level of competition in the industry, overall economic climate etc.

Product Life Cycle model represents a valuable framework to be used in strategic marketing planning. Namely, with the application of the model marketing managers are able to forecast the life cycle of their products, and introduce necessary reflections within relevant marketing strategy.