What are the four processes of a product life cycle?

The four processes of a product life cycle are Introduction, Growth, Maturity, and Decline. This model explains the stages that a product goes through from its initial launch to its eventual withdrawal from the market.

During the Introduction stage, a product is launched, and marketing efforts are focused on creating awareness and interest among potential customers. Once the product gains traction, it enters the Growth stage, characterized by increasing sales and market acceptance, often accompanied by efforts to improve product features and expand distribution.

As the product reaches the Maturity stage, sales peak, and the market becomes saturated. During this time, competition intensifies, and firms might look for ways to differentiate their products, possibly through innovation or enhanced features. Finally, in the Decline stage, sales typically begin to decrease, and it becomes crucial for companies to make strategic decisions about whether to discontinue, refresh, or reposition the product in the market.

The other options suggest stages that do not align with the well-established product life cycle model. For instance, terms like Launch, Stability, and Retirement do not accurately capture the dynamic changes a product experiences throughout its life in the market. Understanding these four stages is essential for marketers to develop appropriate strategies at each stage of the product's life cycle.