Product Life Cycle Stages

The sales of most products change over time, in a recognizable pattern which contains

distinct periods or stages. The standard life cycle includes introduction, growth,

maturity and decline stages. The introduction stage, following a product's

launch, generally involves son growth. Only a few innovative people will buy

it. There are probably no profits at this stage because of the heavy advertising,

distribution and sales promotions expenses involved in introducing a product onto the

market. Consumers must be made aware of the product's existence and persuaded to

buy it. Some producers will apply a market-skimming strategy, setting a high price