http://www. quickmba.com/ marketing/product/ lifecycle/

Good luck!

Almost like a living organism a product will go through several stages in its life. It is born (introduction), grows up (growth), ages (matures), deteriorates (declines) and eventually dies. The introduction stages marks the true birth of a product. The good or service had been planned out beforehand, and it is now hitting its intended market for the first time. During the growth stage the product’s marketing is prevalent. Consumer awareness is growing and sales are increasing at a given rate (depending on countless factors such as the nature of the product and seasonality). As a product ages its growth is not as rapid as initially intended. It is not as popular as it used to be and there may less demand for the product than before. In the decline stage, the product is nearing death!!!!! There are fewer and fewer sales and it is the company’s responsiblity to decide whether or not to try and revive the product through product development or let die off because it is costing too much money.