PART 1: PRODUCT LIFE CYCLE MODEL DESCRIPTION
The product’s life cycle - period usually consists of five major steps or phases:
Product development, Product introduction, Product growth, Product maturity and
finally Product decline. These phases exist and are applicable to all products or
services from a certain make of automobile to a multimillion-dollar lithography tool
to a one-cent capacitor. These phases can be split up into smaller ones depending on
the product and must be considered when a new product is to be introduced into a
market since they dictate the product’s sales performance.