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00:00 Starting
00:32 Meaning of Product Life Cycle
01:15 Product Life Cycle Chart
01:36 Introduction
03:19 Growth
04:38 Maturity
05:37 Decline
07:48 Example of Product Life Cycle
We will Study
A.) Meaning of Product Life Cycle
B.) Product Life Cycle Chart
C.) Stages of Product Life Cycle
D.) Example of Product Life Cycle
A.) Meaning of Product Life Cycle
The product life cycle refers to the process in which a product enters or introduces into the market until it starts declines or gets out of the market. The life cycle has four stages that are introduction, growth, maturity, and decline. Some products stay in maturity stages while, rest of them decline due to increased competition, decreased demand, and economic situations.
B.) Product Life Cycle Chart
C.) Stages of Product Life Cycle
1.) Introduction
In this stage, the company creates a product and introduces it to the target market or audience to spread awareness. The company selects the message, channels, ways, or time of advertising.
2.) Growth
In the growth stage, the product has started creating its awareness. Now customers are showing their interest and started buying the product. Promotion cost is still high in this stage as not all the market become aware of the product.
3.) Maturity
In this stage, the market is now aware of the product. So, it helps the company to sell their product in large quantity. In this stage, the competition level is also high.
4.) Decline
It is the stage where products start getting out from the market. It happens due to high competition, new products, innovative technology, and changing customer needs.
D.) Example of Product Life Cycle
Rest covered in the video. . . .