259 Section 10.1 Product Copyright Goodheart-Willcox Co., Inc. Growth Stage The growth stage is defined as the period during which sales of the product increase rapidly. To keep the product sales high, new models of the product may be introduced. Modifications may also be made to the product to keep customers interested or meet new needs. Maturity Stage The maturity stage occurs when product sales are no longer increasing quickly, but they are not decreasing quickly. Maturity can happen when the market becomes saturated with a product or a newer, better product is introduced to fill the need. During the maturity stage, competition for customers is very intense. At this stage, it may also be important to look for new ways that customers might use a product or identify new markets for the product to avoid losing revenue. Decline Stage Mature products eventually enter the decline stage. During the decline stage, sales decrease. If sales rapidly decline, it may be time to stop producing the product. In some cases, sales may decline so much that the best decision is to stop selling the product. Figure 10-1. The four stages of the product life cycle. Product Life Cycle SALES TIME Introduction Growth Maturity Decline Goodheart-Willcox Publisher