The product lifecycle is the process that a product goes through from when it is first envisioned to when it is eventually removed from the market. The cycle can be divided into four main phases: development, growth, maturity, and decline.
In the development phase, a product is conceptualized and created. This is the phase where a product is first designed and developed. The growth phase is when a product starts to gain traction and is introduced into the market. In the maturity phase, a product reaches its peak in popularity and sales begin to level off. The decline phase is when a product begins to lose sales and is eventually discontinued.
Understanding the product lifecycle is important for businesses because it can help them make decisions about when to invest in a product, and when to cut their losses and move on. It can also help businesses anticipate changes in customer demand and competition.