What is the Product Life Cycle? | Definition and Overview


Product Life Cycle : A marketing theory in which a product or brand goes through a series of stages during its lifetime, including : introduction, growth, maturity, and decline. During growth and maturity sales are at their highest. During decline there is a loss in sales, and eventually the product's demand is not high enough to support any longer. During introduction and growth the product or the brand experiences the greatest amount of hurdles with incumbent firms, economies of scale, and barriers to entry. Once they become a mature firm in the industry they can then experience the benefits of being an incumbent firm with economies of scale of their own.

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