The life cycle of a product refers to all the stages a product goes through over time. There are 5 main stages in the life of a product: research and development, launch, growth, maturity and decline. Compared to the life cycle of a person, these stages would correspond respectively to conception, birth, adolescence, adulthood and old age and death.
The duration of each phase can be more or less long and depends on each product, as well as the company’s marketing actions. It is therefore quite difficult to predict the life cycle of a product. However, the company can extend the duration of the growth and maturity phases by making changes to the product and giving it new applications.
The notion of life cycle reminds the company that no product is eternal. All products are destined to be replaced by new products in order to guarantee a better satisfaction to consumers. On the other hand, the stage the product is at in its life cycle can be used as a range management tool.