Product
Life
Cycle
Stages
Explained
The
product
life
cycle
has
4
very
clearly
defined
____________________
,
each
with
its
own
characteristics
that
mean
different
things
for
business
that
are
trying
to
manage
the
life
cycle
of
their
particular
products
.
Introduction
Stage
?
This
stage
of
the
cycle
could
be
the
most
expensive
for
a
company
____________________
a
new
product
.
The
size
of
the
market
for
the
product
is
____________________
,
which
means
sales
are
____________________
,
although
they
will
be
____________________
.
____________________
the
other
hand
,
the
cost
of
things
like
____________________
and
development
,
consumer
testing
,
and
the
marketing
needed
to
launch
the
product
can
be
very
high
,
especially
if
it's
a
competitive
____________________
.
Growth
Stage
?
The
growth
stage
is
typically
characterized
by
a
strong
____________________
in
sales
and
profits
,
and
because
the
company
can
start
to
____________________
from
economies
of
scale
in
production
,
the
profit
margins
,
____________________
well
as
the
overall
amount
of
profit
,
will
increase
.
This
makes
it
possible
for
businesses
to
invest
more
money
in
the
promotional
activity
to
____________________
the
potential
of
this
growth
stage
.
Maturity
Stage
?
During
the
maturity
stage
,
the
product
is
established
and
the
____________________
for
the
manufacturer
is
now
to
____________________
the
market
share
they
have
built
up
.
This
is
probably
the
most
competitive
time
for
most
products
and
businesses
need
to
invest
wisely
in
any
marketing
they
____________________
.
They
also
need
to
consider
any
product
____________________
or
improvements
to
the
production
____________________
which
might
give
them
a
competitive
advantage
.
____________________
Stage
?
Eventually
,
the
market
for
a
product
will
start
to
____________________
,
and
this
is
what's
known
as
the
decline
stage
.
This
shrinkage
could
be
____________________
to
the
market
becoming
____________________
(
i
.
e
.
all
the
customers
who
will
buy
the
product
have
already
____________________
it
)
,
or
because
the
consumers
are
switching
to
a
different
type
of
product
.
While
this
decline
may
be
____________________
,
it
may
still
be
possible
for
companies
to
____________________
some
profit
by
____________________
to
less
-
expensive
production
methods
and
cheaper
markets
.
