Product Life Cycle Every product has a limited life in the market and it goes through a series of stages. Economist Raymond Vernon named this process “product life cycle” in 1966. The stages are listed below and Figure 20 is illustrating the process that the product is facing: Introduction Growth Maturity Saturation Decline
Figure 20. Product Life Cycle (PANPAX 2018)
The introduction will be the Smart Belt launch, where the consumers will get a first look at the product. In the growth stage, the belt will be commercialised and gain popularity. The product will have a peak in Maturity, where existing customers will attract new customers. Saturation appears when the sales of the belt reach the point when the growth becomes stagnant and finally decline when other products will fulfil customers’ needs (PANPAX 2018). 38
