![]() ![]() As the product goes through the cycle, strategies on competition, promotion, distribution, pricing, and market information need to be periodically evaluated and changed. C: “Product life cycles, like biological cycles, go through introduction, growth, maturity, and decline. Products have a life cycle, which is based on the premise that products have certain life limits.Īccording to Pride, William M. It is divided into four stages - introduction, growth, maturity, and decline. The classic version of the Product Life Cycle concept is represented by three image curves. ![]() The concept of the Product Life Cycle is important for marketing because it gives an in-depth idea of product dynamics. According to many authors, products have a life cycle, which is based on the statement that products have certain life limits - from the moment the idea for a new product arises to the moment it goes out of the market.
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