Product Lifecycle Management - Essay Example

The second phase is the growth stage where the product sales begin to grow and a lot of advertising happens at this stage, In this stage new innovations can be introduced in the market to gain an edge over other rivals and to increase the market share of the product. The third phase is the maturity stage where the growth in sales declines, the income at this phase if relatively stable, how this stage is handled is vital to the success of the business and the last stage in the life cycle is the decline phase where sales begin to decline (Giordano, Mathieu & Villeneuve, 2010).

Each of the four phases has a different impact on the brand, In the introduction stage, the promotion of the product will improve its acceptability in the market and in the growth stage advertisement of the product creates awareness of the product therefore increasing the sales. In the maturity stage, differentiating the product from other brands will ensure sustainable and consistent sales while in the decline stage, the price of a product will be a key factor in determining whether it stays in the market or is pushed out of the market and firms should aim at cutting costs (Richter, 2012).