The Product Life Cycle

The product life cycle and the perceptual map are two regularly used models for analyze a product. Figure rep- resents the invention life cycle. The product life cycle relate sales volumes for given merchandise to the amount of time the product is obtainable on the market and thereby identify the stages of manufactured goods across these measures.  Keep in mind that the efforts of marketing professional can have a significant effect on determining any given product's sales. Further, any market segment, as identified using market segmentation, can have its own autonomous life cycle for a given grouping of products. Still, the creation life cycle model serves as an exceptional basis to chart the development of manufactured goods within its market.

Usually, the manufactured goods life cycle chart the subsequent five stages:

• Late Growth
• Early Growth
• Introduction
• Maturity
• Decline