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The product life cycle is a way to map the common stages a product undergoes throughout its lifespan. The product life cycle is typically divided into 5 different stages, each having specific strategic decisions affecting profits and revenues: Four Stages of the Product-Life-Cycle(1) Development: In the development phase, the product has just been finished and the most important facts and figures have been determined. As no profits are made here, this phase is not shown in the curve diagram.(2) Introduction: In the first phase, the product is introduced. Normally, at this stage, there are a few competitors and customers. Therefore, sales and profit are low and the risk that the product will not succeed is high. In order to boost sales, the focus lies heavily on promotion activities.(3) Growth: Products that succeed in addressing customer’s needs will lead to an increase in sales. Advertisement is still a key component to promote further growth.(4) Maturity: At this stage, the product can be seen as well established and widely accepted within the targeted customer group. Profits are high and risks are low. Typically, in this phase, competition increases. To keep the market position and expand this phase, companies often employ strategies such as the introduction of complementary or updated products or simply invest in marketing activities.(5) Decline: At this point, the product may not fulfill the current needs of the customers, and sales start to decline. The important decision at this stage is deciding when to take the product off market, such that the client optimizes financial gains and minimizes losses due to time and investment. Meaning of the Product-Life-Cycle in Case InterviewsThe product life cycle is a key concept in case interviews, especially when dealing with market entry, competitive strategy, or growth opportunities. Candidates should be familiar with the different stages and be able to derive strategic decisions accordingly.A common case question might be: "A company is planning to launch a new product. What factors should be analyzed to maximize success in the introduction phase?" A structured approach should consider aspects such as market demand, competitive landscape, pricing strategy, and marketing efforts. Similarly, cases related to the maturity or decline phase could focus on whether a product should be further developed or phased out. 

Preparing for case interviews is a crucial step for success in the consulting industry. These interviews are known for their complexity and the high demands they place on applicants. One of the most effective methods for preparing for case interviews is practicing with like-minded peers. PrepLounge offers excellent opportunities to find suitable interview partners for joint practice with the world's largest case interview community. This article highlights why practicing with like-minded peers is beneficial, how to optimally use PrepLounge's resources, and provides tips on how to get the most out of mock interviews. Why Practicing with Like-Minded Peers for Case Interviews is BeneficialPracticing case interviews with like-minded peers offers a variety of advantages. Firstly, it enables a realistic simulation of the interview situation. Since your interview partners go through the same process, they can authentically simulate cases, which helps you get used to the structure and dynamics of case interviews. Furthermore, like-minded peers can provide valuable and constructive feedback. This feedback is particularly relevant because it comes from people who also understand the challenges of case interviews and can give specific, relevant advice.Another advantage is mutual learning. By observing and analyzing others' approaches, you can refine your own thinking processes and develop new solution strategies. This leads to a deeper understanding and better problem-solving ability. Regular practice with like-minded peers also helps build confidence and reduce nervousness. The more you practice, the more familiar you become with the format and expectations of a case interview, which can significantly improve your performance.