If you are in the field of marketing, you would have started to view things such as the products that you use daily and find around yourself from time to time. It only depends upon the knowledge of marketing that you have which is directly relative to your level of education. Once you have spent too much time in the field marketing either as a person who is pursuing a job in it or just studying it, you will probably look at every business problem and find a marketing flaw in it. Today you can learn about the product life cycle.
To understand the whole concept let us take tiger balm a very popular muscular pain relief ointment as an example. Now the first stage of the product life cycle is the introduction stage. At this point after a lot of time spent of product development, the product is finally launched. Now as people find tiger balm on the shelf at start trying it, the reviews and word of mouth spread which leads to stage two that is the growth stage where the product is sold at a very high pace as the consumer base widens. Soon after that the product enters the third stage which is known as the maturity stage. In this stage the product is performing at the best level ever but there is no growth.
Finally, after that, there comes the fourth and final stage where the product starts getting off the market because the demand of it too less or have started declining because of the competition or the obsoleting product. However, in this case the product that we took it has not entered the fourth stage, as tiger balm still has a very strong hold on its position in the market.