This activity is important because products, like people, have a life cycle. The product life cycle describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. The introduction stage of the product life cycle occurs when a product is introduced to its intended target market. The growth stage of the product life cycle is characterized by rapid increases in sales. The maturity stage is characterized by a slowing of total industry sales or product class revenue. The decline stage occurs when sales drop.

Relating the Product Life Cycle to Marketing Mix Actions

This activity is important because products, like people, have a life cycle. The product life cycle describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. The introduction stage of the product life cycle occurs when a product is introduced to its intended target market. The growth stage of the product life cycle is characterized by rapid increases in sales. The maturity stage is characterized by a slowing of total industry sales or product class revenue. The decline stage occurs when sales drop.

The goal of this activity is to demonstrate your understanding of how the marketing mix can be utilized throughout a product's life cycle.