Product life cycle

Research & development - researching and developing a product before it is made available for sale in the market.

Introduction – launching the product into the market.

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.

Advertising – try to gain a new audience or remind the current audience.

Price reduction – more attractive to customers.

Adding value – add new features to the current product, e.g. improving the specifications on a smartphone.

Explore new markets – selling the product into new geographical areas or creating a version targeted at different segments.

New packaging – brightening up old packaging or subtle changes.