Product Life Cycle

Individual products have limited life cycles (intro, growth, maturity, decline); some longer than others. 

Marketers must assess the life cycle stage of each product. 

The life-cycle stage of a product is measured by its level of sales (Growing? Plateauing? Declining?)

This information is gathered in the monitoring and controlling stage of the marketing process. 

Marketers should apply different marketing strategies (7Ps) depending upon the life-cycle stage of each product in their portfolio of offerings.