What is product life cycle?

Question

Accepted Answer

Product life cycle refers to the stages a product goes through from its introduction to its decline.

Product life cycle consists of four stages: introduction, growth, maturity, and decline.
During the introduction stage, the product is launched and sales are low.
In the growth stage, sales start to increase rapidly as more customers become aware of the product.
The maturity stage is characterized by stable sales and intense competition.
Finally, in the decline stage, sales decrease as the product becomes outdated or replaced by newer alternatives.
Companies need to adapt their marketing strategies at each stage of the product life cycle.

Accepted Answer

The product life cycle is a stage where one product passed from the introduction to decline stage in market.