Decline Stage

The decline stage is the phase where a product or service loses popularity and sales decrease over time. This can happen due to new competitors, changing customer preferences, or technological advancements. During this stage, companies often reduce marketing efforts, improve the product, or gradually withdraw it from the market. The goal is to manage costs and decide whether to try revitalizing the product or phase it out entirely. It’s a natural part of a product’s lifecycle as the market evolves and innovations emerge.