Definition
The Product Lifecycle refers to the four stages a product goes through from creation to discontinuation:
- Introduction – High costs, low profits, early adoption.
- Growth – Rising demand, profitability increases.
- Maturity – Market saturation, stable sales.
- Decline – Decreased sales, phase-out planning.
Why Does It Matter?
- Helps in strategic planning and budget allocation.
- Determines when to invest in marketing and when to discontinue a product.
- Aids in forecasting future sales trends.
