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The Product Life Cycle A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. The product revenue and profits can be plotted as a function of the life cycle stages as shown in the graph below: Product Life Cycle Diagram of Xbox In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows: * Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained. * Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs. * Distribution is selective until consumers show acceptance of the product. * Promotion is aimed at...

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