LEARN MARKETING MIX 
When a company reviews their marketing mix and their product strategy, they must also consider the life expectancy of each of their products. One important decision to make within the marketing mix is when to update or change the product. The product life cycle concepts suggests that a product goes through four stages of its life: introduction , growth, maturity and decline. In this article we explain each stage of the Product Life Cycle.
New products need investment in promotion in order to create awareness of them. The company must try to get the brand established through effective promotion otherwise the life expectancy of the new product will be shorter than expected.
As the product moves out of the Introduction Stage and into the Growth Stage it has momentum in its sales. A larger target group now start to adopt the product and you may see an increase in retail outlets that stock it. During the Growth Stage the promotional objectives will change from informative, to persuasive. You may see existing competitors attempting to mimic your product strategy and new competitors trying to enter the market with similar products.
At maturity stage the company has successfully sold its product to a large proportion of its target market. The product is now established. The company may consider lowering prices to maintain product sales. The promotional objective during the maturity stage is to keep product awareness high.
As the name suggests when the product reaches the decline stage, product sales are declining. The company will reduce prices significantly to stimulate sales, but ultimately they know that the product is reaching the end of its life. The company may rejuvenate the product to extend the product life cycle, or they may replace the product with a new product.
Most products will go through a standard life cycle before the product is withdrawn by the firm producing it. The standard product life cycle has four stages Introduction, Growth, Maturity and Decline.
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