A description of how your marketing efforts will change with each phase in the product life cycle. In today market thing go and they go but if you have something that is good it be around for a long time, look at the automobile it been around for some time and the airplane bout were not the best at first but look at them now both had to go through phases to get where they are now.
There are four phases in the typical product life cycle every product has to begin as an idea or concept or in today’s world brainstorming so that every team member has input on the product and try to give he consumers what they want. Now the four phases off product life cycle is Introduction, Growth, Maturity, and decline.
Introduction this cycle begin when the company put out a new product out to the consumers, Growth phase comes after the introduction phase and during this time the company put the price for their goods together and sell it on the market. Maturity the product has reached its growth and is begin to slows down but demand for the good remains high, and then comes decline this does not always mean that the good are not selling, because they are Just not as fast as before people still are using this product.