As stated about three-quarters of the way into your Marketing 101 book… Products, like people, have been viewed as having a life cycle. The product life cycle concept describes the stages a product goes through in the marketplace.
The life cycle diagram helps us remember products change over time and so should their supporting marketing strategies.
The above version of the life cycle diagram is particularly helpful as it not only shows the stages of the life cycle and the curve, but also the stages of six different decision making factors: Audience, Market, Sales, Competition, Business Focus, and Design Focus.
I recreated this illustration found in the book “Universal Principles of Design: 100 Ways to Enhance Usability, Influence Perception, Increase Appeal, Make Better Design Decisions, and Teach through Design.”