The product life cycle defined by marketing is: introduction period, growth period, maturity period and decline period. This can no longer summarize the whole process of product life cycle. Just like human life cycle, it will never be a process from birth to death. These four stages are defined as: product market life cycle.

Many excellent enterprises in modern times feel that the above two life cycles cannot fully summarize the product life cycle. Based on the concept of product management, the product life cycle is summarized into seven parts: product strategy, product market, product demand, product planning, product development, product listing and product market life cycle management.

Extended data

Any kind of commodity enters the market, and after general promotion, the sales volume gradually increases. Due to the change of consumer demand and the intensification of market competition, there is a process until it is finally replaced by new goods. This process, like biological life, has its birth, growth, maturity and decline stages.

The life cycle of commodities refers to the effective marketing time of commodities in the market, or the life span of commodity economy, that is, after commodities enter the market, there is a process of growth, maturity and decline. If time is taken as the abscissa and economic benefit (profit) as the ordinate, the life cycle of goods is generally S-shaped.

Reference source: Baidu Encyclopedia-Product Life Cycle

Reference source: Baidu Encyclopedia-Collection 267 145 Product Lifecycle Management