The marketplace may be unfamiliar with th product and creating awareness takes time. Consequently product sales show a slow growth during the introduction phase. Growth- The growth space is characterized by a rapid increase in sales volume. This is created by increased product demand when customers are buying. Manufacturing and logistics issues are likely resolved and the market is far more aware of the product. Maturity-The maturity phase is established by sales volumes leveling off.
At this point competition is strong and margins may begin to suffer. Signs of getting to this stage are that competitors may start advertising more strongly or using other promotional means to increase sales. Decline-Is when a product sales begin to decrease and it is at this point that some serious marketing decisions need to be made. It is sometimes possible to extend the life of a product by changing some of its product attributes, repositioning it or by packaging it with other products.