Understanding the Product Life Cycle

The marketing concept that resonated with me the most through my marketing essentials class was the concept of product life cycles. Being able to understand the cycles that almost every product goes through helps me to understand how to be proactive rather than reactive with the introduction of any new product. The product life cycle is broken into four stages, introduction, growth, maturity, and decline. Understanding how to navigate the maturity stage and possibly the decline stage can determine whether or not a product will ultimately be successful. In an article by Harvard Business Review they say, "Typically, the market maturity stage forces the producer to concentrate on holding his distribution outlets, retaining his shelf space, and, in the end, trying to secure even more intensive distribution." This stage is critical to the success of your product/business and learning how to survive it and transform your product in order to standout is crucial. Once you have reached the decline stage it is extremely difficult to survive, so staying in the maturity stage for as long as possible is a must.

https://hbr.org/1965/11/exploit-the-product-life-cycle

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