Phases of a product

Any product goes through typical 4 phases.

1. Introduction - In the Introductory phase, the growth rate is slow since the product is new and still unknown to the market.

2. Growth - Growth can be categorised into two parts. Initial growth and Late growth. Right after the introductory phase, the product enters into initial growth that has very steep growth whereas late growth sees a growth followed by saturated sales.

3. Maturity - In this phase, sales almost flatten. But this phase is most profitable.

4. Decline - At this phase, the product sales start to decline for two reasons - first, there are more innovative and intuitive products that has come in the same category or second, the product is already taken by the majority of the target segment.

Do you have any other thoughts? Would love to discuss.