Normal stages that a new product passes through existence, growth as a mature product, and eventually critical mass and decline. There are at least five common steps in the life cycle of a product:
- Product Development Phase - market analysis, product design and concept, and testing
- Market Introduction Phase - initial release of a product, normally with high levels of advertising
- Growth Phase - Sales volume begin to accelerate and increase year after year. As production levels escalate, gross margins must decline steadily, making that product less profitable (on a per unit basis). There is probably a competition.
- Maturity Phase - Reaching the upper bounds of its demand cycle and spending further on advertising have little or no effect on the increasing demand
- Decline or Stability Phase - The product has reached or passed the highest peak of its demand; will remain steady or slowly decline because the new product will make it obsolete
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