Learn in the textbookBasic Frameworks of Marketing Strategy
DefinitionThe product life cycle (プロダクトライフサイクル) views how a product's sales change from launch until it leaves the market in four stages: introduction (導入期), growth (成長期), maturity (成熟期) and decline (衰退期).
ExplanationBecause sales, profit and the number of competitors change from stage to stage, the right measures differ even for the same product. For example, a period focused on advertising to build awareness and a period focused on cutting costs to secure profit call for different combinations of the 4P.
AnalogyCompared with a human life, the stages are like being born and getting known, growing fast, settling into adulthood and eventually stepping back from the front line.
Memory hookTell growth from maturity by the words themselves: growth is still getting bigger, while maturity is fully grown, like ripe fruit.