What Is the Product Life Cycle?

The product life cycle is the process a product goes through from when it is first
introduced into the market until it declines or is removed from the market. The life cycle
has four stages - introduction, growth, maturity and decline

In this case, the product has four stages:

1. Introduction – when the product is introduced and struggles to gain brand

recognition

2. Growth – advertising and word of mouth helps the product to increase sales. As
sales growth, more firms are willing to stock the product which helps the product
to grow even further.

3. Maturity – When the product reaches peak market penetration.

4. Decline – the product gets eclipsed by new products

Examples of the Product Life Cycle

Typewriter
A classic example of the scope of the product life cycle is the typewriter.
When first introduced in the late 19th century, typewriters grew in popularity as a
technology that improved the ease and efficiency of writing. However, new electronic
technology like computers, laptops and even smartphones have quickly replaced
typewriter causing their revenues and demand to drop off. 
Overtaken by the likes of companies like Microsoft (MSFT - Get Report) , typewriters
could be considered at the very tail end of their decline phase  - with minimal (if existent)
sales and drastically decreased demand. Now, the modern world almost exclusively uses
desktop computers, laptops or smartphones to type - which in turn are experiencing a
growth or maturity phase of the product life cycle. 

VCR
Many of us probably grew up watching or using VCRs (videocassette recorders for any
Gen Z readers), but you would likely be hard pressed to find one in anyone's home these
days. 
With the rise of streaming services like Netflix (NFLX - Get Report) and Amazon
(AMZN - Get Report) (not to mention the interlude phase of DVDs), VCRs have been
effectively phased out and are deep in their decline stage.
Once groundbreaking technology, VCRs are now in very low demand (if any) and are
assuredly not bringing in the sales they once did. 

Electric Vehicles
The rise of electric vehicles shows more of a growth stage of the product life cycle.
Companies like Tesla (TSLA - Get Report) have been capitalizing on the growing
product for years, although recent challenges may signal changes for the particular
company.
Still, while the electric car isn't necessarily new, the innovations that companies like
Tesla have made in recent years are consistently adapting to new changes in the electric
car market, signaling its growth phase.
Holographic Projection:

Only recently introduced into the market, holographic projection technology allows
consumers to turn any flat surface into a touchscreen interface. With a huge investment in
research and development, and high prices that will only appeal to early adopters, this is
another good example of the first stage of the cycle.

Tesla Model S

Tesla Model S is in its growth phase. Electric cars still need to convince people that it
will work and be practical. As there are more electric charging points and more people
adopt, it becomes easier to sell to those who are more skeptical of new technology like
electric cars.

Red Bull

Red Bull is currently experiencing the maturity stage in its product life cycle. The late
90’s and early 2000’s is when the maturity stage began. It continues to exist till this date.
Red bull added features and modify the product in order to compete in market and
differentiate the product from competition (a new sugar free version was also
introduced). New channels are being added to face intense competition and incentives are
offered to retailers to get shelf preference over competitors.

Amul Milk

Amul is one of India’s most iconic brands. It is 1st and only organization in the world to

get ISO 9000 standard for its farmer cooperatives. Today Amul collects 11 Lakhs liters of
milk every day. It has become world’s largest pouch milk brand. With $2 billion in
revenue, the brand is as recognizable across India as Coca-Cola and recently Amul milk
has entered overseas market such as Mauritius, UAE, USA, Oman, Bangladesh,
Australia, China, Singapore, Hong Kong and other South African countries. Today Amul
Dairy is no.1 in Asia and no.2 in the world which is a matter of proud for Gujarat and the
whole of India.

Mobilink

Mobilink are right now in the maturity stage. Because they have got most of the market
share. There has also been an increase in competition; new companies like TELENOR,
WARID also enter into the market. The Mobilink had made not only the product
modification, but also extend their market and made changes in their marketing mix.
LUX

Lux is now in the maturity stage, they modified the product by adding some changes in
the product. In this stage, few competitors enter into the market like (SAFEGUARD,
CAPRI etc). So the marketing managers make different strategies to handle the
competition. The company has expanded their market to almost all the cities of Pakistan.

AIRLIFT

Airlift enables you to make premium quality commutes at reliable times, cost-effective
prices and along travel-courses across the city. If you need a ride to work, college or
university, Airlift is your best bet. In recent days, a new ride-sharing initiative called
Airlift has gained significant attention. Airlift’s unique model utilizes Toyota Coasters
and Toyota Hiace Grand Cabin vans with 12-22* seats on various high demand
routes. As airlift has been started in Pakistan so it is in the introduction stage. They were
investing in advertising giving discounts and started campaigns.