Product Life Cycle

Product Life Cycle
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Product life cycle is a series of phases that products go through in relation to their profits and sales. The product life cycle consists of four phases namely, introduction, growth, maturity, and decline. In the Introduction stage, a new product is launched. Profits and sales are low requiring advertisement to create consumer awareness thus increasing sales volume. In the next stage: growth stage, the product is accepted in the market and thus an increase in profits and sales. Producing quality products helps to increase market share. In maturity stage, product differentiation acts as a competitive strategy in order to retain existing customers. Promotion is done to emphasize on the differentiated product. In decline stage, profits decline and sales decrease, making it necessary to decide whether to sell off the business or keep it. It is evident that the product life cycle informs marketers about the marketing strategy to adopt at each stage of the product life cycle (“Definition of ‘product life cycle’,” 2018).
Frappuccino coffee is one of the handcrafted beverage offered by Starbucks. This product is in its maturity stage because even though people might not have tried it out, they are aware of the product. This stage has strong strategic implications because consumers already know about the product, and even if they have not tried, they rely on reviews about it. It is, therefore, necessary that one’s marketing str…