Why do some products stay evergreen and others fade into the void? How do we know whether to reinvest in a product or introduce a new one? What are our options when the product seems to be losing market share with every passing day?<\/p>\n
The product life cycle model can help us answer these questions and many more. Smart entrepreneurs have relied on it for decades to devise efficient marketing and sales strategies that generate the maximum revenue.<\/p>\n
It has far-reaching implications as every single product goes through the same four phases mentioned in this model. A careful review of the model would thus benefit any product.<\/span><\/p>\n This article will give you a deeper understanding of what this model is and help you answer all the above questions with clarity. Make sure you read until the end to take full advantage of it.<\/p>\n The product life cycle is a powerful administrative tool to understand the different phases that a product goes through. It maps a product’s journey from its launch until its discontinuation.<\/strong><\/p>\n The tool has wide-reaching implications in marketing and sales but it can also aid in the design and decision-making process for the product.<\/p>\n The original product life cycle had five phases<\/strong>: development, growth, maturity, saturation and decline. It was developed by Raymond Vernon in 1966.<\/p>\n Over the years, the saturation stage was discarded<\/strong> and some added a different fifth stage known as the introduction stage.<\/p>\n\n
What Is Product Life Cycle?<\/h2>\n