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 and eventual discontinuation.

The stages of product life cycle are: introduction, growth, maturity, decline, and discontinuation.
During the introduction stage, the product is launched and marketed to create awareness and generate demand.
In the growth stage, sales and revenue increase rapidly as the product gains popularity.
During the maturity stage, sales growth slows down and the product reaches its peak in terms of market share.
In the decline stage, sales and revenue start to decline due to market saturation or obsolescence.
Eventually, the product is discontinued and replaced by newer products.
Product life cycle management is important for businesses to maximize profits and plan for future product development.

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