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Product Life Cycle
The series of stages that a product goes through from introduction to decline.
Introduction Stage
The phase where a product is introduced to the market, sales are low, and customer awareness is built with high promotional expenses.
Growth Stage
The phase where sales and profits increase, competition enters the market, and the focus shifts to customer satisfaction and new markets.
Maturity Stage
The phase where sales and profits peak, competition is most intense, and the focus is on product line extensions and new uses.
Decline Stage
The phase where sales volume falls greatly, profits are nearly zero, and there is little hope for the product's profitability.
Product Line Extension
A strategy in the maturity stage to persuade consumers to buy additional items or variations of the existing product.
Promotional Expenses
Costs associated with marketing a product, typically high in the introduction stage to increase customer awareness.
Customer Awareness
The extent to which customers are familiar with and know about a product.
Target Market
A specific group of consumers that a product is aimed at.
