Brand Life CycleThe three stages that brands go through as they are introduced, grow, and then decline. The three phases of the brand life cycle are the introductory period, during which the brand develops and is introduced to the market; the growth period, when the brand faces competition from other products of a similar nature; and, finally, the maturity period, in which the brand either extends to other products or its image is constantly updated. Without careful brand management, the maturity period can lead to brand decline and retirement. Similar phases can be observed in the product life cycle. Brand Life Cycle and Strategy Generally, every brand or product has its own life cycle that runs from the time it is launched to the time it exits the market. This cycle covers five phases: product development, introduction, growth, maturity, and decline. The life cycle of every brand or product is different and different advertising strategies should be adopted at different stages to suit the marketing objectives and market environment in order to achieve the best marketing results. Product Development: This is the design, manufacturing, and research phase carried out by a company to ensure that its products can meet consumer needs through sufficient market investigation. The company will also improve its products in light of market response and gradually strengthen its brand. Introduction: During this stage, the product is introduced into the market and advertising campaigns are launched to promote its functions, features, quality and usage and attract customers to try or purchase the product. Growth: During this phase the branded product begins to build a following among consumers. The cumulative effect of marketing begins to appear and market share expands. However, the company must further intensify its advertising efforts and the advertising must highlight the features and value of the product. Maturity: Brands or products in the maturity stage have considerable market share and have reached peak sales, with growth beginning. slow down. Brand influence at this stage is at its peak and the types of marketing strategies to be adopted are many. Decline: Brand awareness is high but sales are declining. Other characteristics of this stage include falling prices, weakening competitiveness, and the emergence of new products. The same product or company can experience different life cycles in different markets.