Abstract
After products are introduced into a target market, the market condition changes into four stages of product life cycle with time progress. The stages are known as introduction, growth, maturity, and decline. A growth and maturity stages are recognized as the most important stages, because two stages have the highest potential to obtain the profit in an entire product life cycle. In a growth stage, organizations need to develop good reputation in the market for the smooth future sales growth. In the case of maturity stage, organizations need to have a strategic approach to keep their profits, because the sales growth is stagnated during maturity stage in the most of cases. In this report, product development strategies for growth stage and maturity stage are introduced.
