Product Life Cycle Analysis

Product Life Cycle Analysis is a tool used to understand the stages a product goes through from its introduction to when it is taken off the market. It includes four main phases: introduction, growth, maturity, and decline. In the introduction phase, the product is launched and awareness is built. During growth, sales increase as more customers buy it. In the maturity phase, sales peak and competition intensifies. Finally, in the decline phase, sales fall as market interest wanes or better alternatives emerge. This analysis helps businesses strategize marketing and manage their product portfolio effectively.