Product Market Life Cycle – What is it?

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The product life cycle is the period in which a product is available on the market. It is divided into four phases:

product launch
sales growth
market maturity
decrease
In each of these phases, the product is at a different point in its development bank database , which means that different marketing and business decisions must be made in each .

That is why it is so important for every marketer to understand the product life cycle in order to make appropriate decisions – from setting pricing levels to spending on advertising or cutting costs.

Below is a chart illustrating the individual phases and showing how sales and profits are shaped in each of these phases.