Product life cycle

Definition

The product life cycle is a concept that describes the stages a product goes through from its introduction to the market until it is removed from the shelves. It consists of four main phases: introduction, growth, maturity, and decline.

Related terms

Introduction Phase: This is the stage where a new product is launched into the market.

Growth Phase: A stage of rapid market acceptance and increasing profits.

Maturity Phase: The stage in which a product's sales growth slows or levels off after reaching peak market penetration