Product Life Cycle in marketing

The product life cycle describes the stages that a product goes through from the time it is introduced to the market until it is removed from the market. Four stages make up a product life cycle: introduction, growth, maturity, and decline. Many items are still in a stage of extended maturity. In every product life cycle, the product, however, eventually disappears from the market. Numerous causes, including saturation, competition, a decline in demand, and even lower sales, may be to blame for this. Companies can develop plans to maintain the longevity of a product and even react to market situations with the use of a product life cycle study.
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