Life Cycle
Categories: Company Management
Every product goes through a product life cycle consisting of four stages: introduction, growth, maturity, and decline.
Think about any historical product, or even your last smartphone or social media platform. There was a stage when marketing had to get your attention about its existence. Introduction.
Then, seemingly overnight, all the cool folks already have one, and soon everyone might get one. Growth.
Then a mature phase, where sales are hot, but it's also when hipsters are questioning its validity or possible coolness. That’s a signal that popularity will soon be on the decline.
Products can keep innovating and adapting to changing consumer perception, new and Improved. Or, realistically, price lower with waning demand. But pricing too low will look “thirsty,” and might spell a faster decline.