The Product Lifecycle refers to all the stages a product experiences from its initial introduction in the market to eventual discontinuation and decline.
Usually, this involves four stages: introduction, growth, maturity, and decline.
The introduction is when the product is first released onto the market and gains initial acceptance; during the growth stage sales and customer adoption rapidly increase; the maturity stage sees sales reach peak market share before a decline occurs due to market saturation or technological advancements; it is essential that business understand its product lifecycle in order to implement suitable marketing and product strategies at each step along its journey.
