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The 5 stages of the product life cycle, Jessica Maria Dario Velazquez -…
The 5 stages of the product life cycle
Product Life Cycle Definition
Progression Through 5 Stages
Market development
Initial market research
Concept refinement
Launch strategy
Concept testing
Market introduction
Product awareness
Content marketing campaigns
Focus on product promotion
Market growth
Increased demand and benefits
Establishment of brand presence
New features and distribution channels
Maturity
Sales stabilization
Price reduction for competitors
Differentiation campaigns
Market decline
Increased competition
Decrease in sales
Obsolete product
Loss of customer interest
Damaged brand image
Life cycle utility
Decision making
Strategy development
Message personalization
Advantages of Product Life Cycle Management
Informed decisions
Increased ROI on launches
Increased business profitability
Proactive adjustment of marketing messages
Improved reputation and loyalty
Consequences of poor management
Failed potential
Reduced service life
Excessive inventory
Loss of profits
Early entry into decline
Strategies to exit the decline
Product line extension
Repackaging and rebranding
New pricing strategies
Launch of new versions
Movement to new product categories
Product Life Cycle Examples
Typewriters
Patent in 1868
Introduction on the market
Maturity and finally decline
VCRs
Development in the 50s
Growth in the 70s-2000s
Decline due to advanced technology
Electronic vehicles
Development in the 1800s
Recent growth with Tesla
Innovation and eco-friendliness
Jessica Maria Dario Velazquez