There are four stages of a product’s life cycle, as follows: 1.
Because of this, many businesses avoid genuine innovation in favour of waiting for someone else to develop a successful product before cloning it. These failures are particularly costly as they come after investment has already been made in research, development and production. Writing in the Harvard Business Review in 1965, marketing professor Theodore Levitt declared that the innovator had the most to lose as many new products fail at the introductory stage of the product life cycle. Managing the four stages of the life cycle can help increase profitability and maximise returns, while a failure to do so could see a product fail to meet its potential and reduce its shelf life. As the product moves from maturity to decline, so demand wanes and the product can be removed from the market, possibly to be replaced by a newer alternative. As the new product becomes established, the marketing efforts lessen and the associated costs of marketing and production drop. Successfully introducing a product to the market should see a rise in demand and popularity, pushing older products from the market. The various stages of a product’s life cycle determine how it is marketed to consumers. It is at this point that the product life cycle begins. Once a product is found to be feasible and potentially profitable it can be produced, promoted and sent out to the market. National Structural Integrity Research CentreĪs mentioned above, there are four stages in a product’s life cycle - introduction, growth, maturity, and decline – but before this a product needs to go through design, research and development.Structural Integrity Research Foundation.
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