The product life cycle is the set of stages a product goes from launch to exit the market.

The product life cycle is based on the fact that all products have a finite life. As with all living things, the products also are born (with its introduction), have a stage of growth, maturity, and then a decline (which ends with his exit from the market).

The life cycle of the product is used as a management tool, and that stage to know what is going on a product, we can refine our business strategies.

Stages of product life cycle

Let’s look at each of the steps in the product life cycle, as well as some of the marketing strategies we can implement each of them:

Introduction Stage

At this stage, the product makes its appearance in the market, sales are low, but begin to rise slowly, it invests heavily in product development and advertising. In general, costs and expenses are typically higher than revenue, so there are usually no profits and, if any, it is minimal.

At this stage our goal is to seek the widest possible coverage is to find that our product is known by as many consumers as possible.

To achieve this we must make use of informative advertising, ie advertising aimed primarily at informing about our product, its characteristics and attributes, rather than aimed at persuading the consumer to decide to purchase.

Another strategy you can use at this stage is to decrease our prices, so that, thereby, achieve rapid penetration or host. Or, conversely, we may choose to raise our prices, so that, thereby, creating a sense of quality or exclusivity in the product.

Stage Expansion or Growth

At this stage the product begins to gain acceptance and market positioning, the use of the good or service is being introduced to consumers, sales are increasing rapidly.

At this stage we have to use persuasive advertising, ie targeted advertising to persuade or motivate consumers to decide to purchase our products or make use of our services.

A strategy for this stage is to devote more budgets to promote our product, invest more in it to take advantage of the acceptance that you have the product and thus achieving the most sales possible.

Stage of Maturity and Stagnation

At this stage, sales are still increasing but at a slow rate and downward, until the moment they arrive to stagnate.

This stage usually lasts the longest of all, and more challenges involved. To cope with a good strategy is to focus on providing customer service, so that we can retain our customers.

Another strategy is to boost our product, for example, changing our brand, or changing the location of our premises. Or we can simply add new features to the product, new benefits, new features or new features, for example, can change its presentation, its container, label, design, etc.

Stage Decline or fall

At this stage, sales are falling, at least in its initial form. Profits start to decline until it becomes zero, forcing the withdrawal from the market.

Strategies for this stage we can introduce new complementary products that already have, or we can choose to remove the product from the market and introduce a substitute or a completely new one.

Incoming search terms:

• Normally the longest stage of the product life cycle is the _____ stage
• Normally the longest stage of the product life cycle is the
• Which stage in the product life cycle normally lasts longest?
• Which stage in the PLC normally lasts longest?
• product life cycle stages stagnation
• longest stage of the product life cycle
• longest stage in product life cycle
• what are the future of product life cycle stages
• the stagnation stage of business
• what stage in the PLC normally lasts longest