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The Product Life Cycle • A series of stages in which a product’s sales revenues and profits increase, reach a peak, then decline – Introduction • Customer awareness and acceptance are low – Growth • Sales increase rapidly as the product becomes well known – Maturity • Sales are still increasing but at a slower rate; later in this stage, sales and profits begin to slowly decline – Decline stage • Sales volume decreases sharply and profits continue to fall Copyright © Cengage Learning. All rights reserved 13 | 1 Product Life Cycle Source: William M. Pride and O. C. Ferrell, Marketing: Concepts and Strategies, 15th ed. (Mason, Ohio: SouthWestern/Cengage Learning, 2010). Adapted with permission. Copyright © Cengage Learning. All rights reserved 13 | 2 Using the Product Life Cycle • Marketers should be aware of the life-cycle stage of each product for which they are responsible and should try to estimate how long the product is expected to remain in that stage – Both must be taken into account in making decisions about the marketing strategy for a product Copyright © Cengage Learning. All rights reserved 13 | 3