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Stages of the Product Life Cycle

Part 1. Marketing Strategy

  1. Jaeseok Jeong

Published Online: 15 DEC 2010

DOI: 10.1002/9781444316568.wiem01052

Wiley International Encyclopedia of Marketing

Wiley International Encyclopedia of Marketing

How to Cite

Jeong, J. 2010. Stages of the Product Life Cycle. Wiley International Encyclopedia of Marketing. 1.

Author Information

  1. St. John's University, New York, NY, USA

Publication History

  1. Published Online: 15 DEC 2010

Abstract

The product life cycle (PLC) is a marketing concept that describes the way the revenues from the sale of a product behave over time. Typically, the PLC is drawn as a bell curve with the life cycle being divided into several stages. The PLC has four stages: (i) introduction – the slow sales growth that follows the introduction of a new product; (ii) growth – the rapid sales growth that accompanies product acceptance; (iii) maturity – the peak of sales growth when the product has been accepted by most potential buyers; and (iv) decline – the decline of sales that results as the product is replaced (by a substitute) or as it discontinues in the market.

Keywords:

  • product life cycle;
  • introduction;
  • growth;
  • maturity;
  • decline