Product life cycle is basically similar to the human life cycle Birth, Growth, Maturity, Death. Product lifecycle also has same stages in it. Please read my Presentation.

1. PRODUCT LIFE
CYCLE
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2. Definition
■ “The stages through which the individual products develop
over a period of time is know as product life cycle.”
■ The product life cycle concept is derived from the fact that a
given product’s volume and revenue follow a typical pattern
of four –phase cycle.This life cycle is the representative fact
of the existence of every product.
■ If we plot a graph of sales volume versus time for a product,
generally, the PLC represents a bell-shaped or s-shaped
curve.

3. The Four Stages of Product Life cycle
■ Introduction
■ Growth
■ Maturity
■ Decline

4. Product life cycle
■ The stages that a product goes through during its life: Introduction,
growth, maturity, and decline.

5. ■ The life cycle concept may apply to a brand or to a
category of a product.
■ It’s duration maybe as short as a few months or years,
depending on the product.
■ As a product progresses through the stages, changes
are made to how the product is marketed.

6. Introduction Stage
■ Most products fail at this stage ?
-Why?
■ This is the stage in which the product is initially
promoted. Public awareness is very important to the
success of a product. If people don’t know about the
product they won’t go out and buy it.

7. Introduction Stage
■ There are two different strategies you can use to introduce
your product to consumers :
■ Penetration,
■ Skimming.

8. ■ Penetration
• This strategy usually set the product price very high
initially and then gradually lowers it over time.
• This is a good strategy to use if there are few
competitors for you product.
• Profits are high with this strategy but there is also a
great deal of risk. If people don’t want to pay high
prices you may lose out.

9.  Skimming
• In this case you set your prices very low at the
beginning and then gradually increase them.
• This is a good strategy to use if there are a lot of
competitors who control a large portion of the
market.
• Profits are not a concern under this strategy.The
most important thing is to get you product known
and worry about making money at a later time.

10. Growth Stage
■ The growth stage is where your product starts to grow. In this
stage a very large amount of money is spent on advertising.
You want to concentrate of telling the consumer how much
better your product is than your competitors’ products.
■ What are the ways in which you could prompt a product ?
■ If you are successful with your advertising strategy then you
will see an increase your share of the market will stabilize.

11. Maturity Stage
■ The third stage in the Product Life Cycle is the
maturity stage. If your product completes the
Introduction and Growth stages then it will then
spend a great deal of time in the Maturity stage.
■ During this stage sales grow at a very fast rate and the
gradually begin to stabilize.

12. Decline Stage
■ This is the stage in which sales of your product begin
to fall. Either everyone that wants to has bought your
product or new, more innovative products have been
created that replace yours.
■ Many companies decide to withdrawal their product
from the market due to the downtown.The only way
to increase sales during this period is to cut your costs
reduce your spending.

13. Thank you