What is product lifecycle (in marketing)? - Definition from WhatIs.com

Definition

product lifecycle (in marketing)

Part of the Business terms glossary:

The product lifecycle, in a marketing context, is all the stages of a product's life span that are related to its promotion and sales. 

The marketing lifecycle is traditionally broken down into four stages: introduction, growth, maturity and decline. 

  1. In the introduction stage, the product is released to the market; pricing and branding decisions are made and marketing begins. 
  2. In the growth stage, vendors work to increase brand recognition and market share. 
  3. In the maturity stage, market saturation has been achieved. The attempt is to maintain market share. Once sales begin to decrease, extension strategies may be employed to try to keep the product in the maturity stage. 
  4. Otherwise, the product is in its decline stage and an exit strategy may be set in motion. 

The marketing lifecycle is less comprehensive than the concept of the product lifecycle in manufacturing, which encompasses all the stages a product goes through from its initial conception (beginning-of-life, or BOL) to its eventual disposal at the end of its useful life (EOL). 

This was last updated in December 2013
Contributor(s): Ivy Wigmore
Posted by: Margaret Rouse

Related Terms

Definitions

  • business model innovation

    - Business model innovation is the implementation of unique concepts to support a company's viability, including the development of new processes for delivering products and services to customers. (SearchCIO.com)

  • authentic leadership

    - Authentic leadership is a management approach in which the head of a group or company governs and connects with his followers in an honest, open manner. (SearchCIO.com)

  • revenue cycle management (RCM)

    - Revenue cycle management (RCM) software tracks patient care episodes from registration and appointment scheduling to the final payment of a balance. (SearchHealthIT.com)

Glossaries

  • Business terms

    - Terms related to business, including definitions about project management and words and phrases about human resources, finance and vertical industries.

  • Internet applications

    - This WhatIs.com glossary contains terms related to Internet applications, including definitions about Software as a Service (SaaS) delivery models and words and phrases about web sites, e-commerce ...

Ask a Question About product lifecycle (in marketing)Powered by ITKnowledgeExchange.com

Get answers from your peers on your most technical challenges

Tech TalkComment

Share
Comments

    Results

    Contribute to the conversation

    All fields are required. Comments will appear at the bottom of the article.