- Introduction- The strategy used will be for introducing the new product in the market. It generally has high investments.
Growth- Here you will make a strategy to increase the sales of the product introduced in the market.
Maturity- Here when the product has reached to high demand, the strategy used will be to stabilize the product sale in the market.
Decline- Now the demand for the product starts to decline and thus, the company may decide either to demolish or to re-enter the market with innovation.