Product & Service Life Cycles: Definition, Stages & Management

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  • 0:01 What Is the…
  • 0:55 Introduction & Growth Stages
  • 1:47 Maturity & Decline Stages
  • 3:21 Lesson Summary
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Lesson Transcript
Instructor: LeRon Haire
In this lesson, we define what the product/service life cycle is so readers will have a general understanding of its use. The lesson also breaks down each of the four stages and what products/services encounter during each stage.

What Is the Product/Service Life Cycle?

Have you ever tried to follow the trail of a stick or a pinecone that was placed in a river, watching as it flows away? This is similar to the life cycle of a product or service. The stick or pine cone represents the product or service and the river represents the various places (stages) that the object passes through. Before we delve into just what each stage of the life cycle represents, let's first define the product life cycle.

The product or service life cycle is a process that follows the different stages that a product or service encounters. The life cycle is broken down into four stages that help to identify where in the market the product or service is at the current time. Let's take a closer look at the different stages that every new product or service will encounter.

Introduction & Growth Stages

The introduction stage of the product/service life cycle is when a business is launching a product or service into the market for the world to see. For this lesson, let's use a product called Fab-O-Riffic, a brand new laundry detergent. In the introduction stage, Fab-O-Riffic is introduced into the market for people to purchase. This stage is designed with the objective of increasing the awareness of Fab-O-Riffic in an effort to get consumers better acquainted with the product or service.

The next phase of the product/service life cycle is the growth stage. Now that the product has graduated from the introduction stage, it is now ready for consistent increases in sales. It is during this stage that Fab-O-Riffic will see a significant growth in revenue. The growth stage is also when Fab-O-Riffic will attempt to build a loyal customer base as well.

Maturity & Decline Stages

As Fab-O-Riffic reaches the end of the growth stage, it enters the next phase, which is maturity. At this stage, Fab-O-Riffic's sales have mostly reached a stopping point and remains rather stagnant (not moving). The goal at this stage is to try and find new or untapped uses for Fab-O-Riffic.

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