Marketing

... Business Studies Revision Marketing Product Life Cycle The product life cycle is an important concept in marketing because it describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to grow and others rise and fall. The main stages of the product life cycle are: Introduction - researching, developing and then launching the product. Growth - when sales are increasing at their fastest rate. Maturity - sales are near their highest, but the rate of growth is slowing down, e.g. new competitors in market or saturation. Decline - final stage of the cycle, when sales begin to fall. Extension strategies extend the life of the product before it goes into decline. Again businesses use marketing techniques to improve sales. Examples of the techniques are: Advertising - try to gain a new audience or remind the current audience,

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