The Product Life Cycle describes the stages a product goes through from its introduction to the market until it is eventually withdrawn. It consists of four stages: Introduction, Growth, Maturity, and Decline.
In the Introduction stage, the product is launched, and businesses invest in marketing to create awareness.
During the Growth stage, sales increase as the product gains popularity.
In the Maturity stage, sales stabilise and peak, but competition may also be higher.
Finally, in the Decline stage, sales start to fall as the product becomes outdated or less popular. Understanding the Product Life Cycle helps businesses make strategic decisions about marketing, investment, and product development at each stage.
Examiner-written GCSE Business revision resources that improve your grades 2x
- Written by expert teachers and examiners
- Aligned to exam specifications
- Everything you need to know, and nothing you don’t
Share this article
written revision resources that improve your