- Introduction Stage
- Growth Stage
- Maturity Stage
- Decline Stage
- Maintain the product, possibly rejuvenating it by adding new features and finding new uses.
- Harvest the product, reduce the costs and continue to offer it to a loyal niche segment.
- Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue the product.
The marketing mix in the decline phase will depend on the selected strategy. The product may be changed if it is being rejuvenated or left unchanged if being harvested or liquidated. The price may be maintained if harvested, or reduced drastically if liquidated.
Continue to develop a loyal customer base and offer new products, “The purpose of business is to create and keep a customer.” - Peter Drucker
Innovation to Profits - Product Life Cycle (Part 1 of 4)
Innovation to Profits - Product Life Cycle (Part 2 of 4)
Innovation to Profits - Product Life Cycle (Part 3 of 4)