Product Life Cycle Theory

The Product Life Cycle Theory describes the stages a product goes through from introduction to decline. It begins with the introduction phase, where a new product is launched and sales are slow. Next comes the growth stage, with increasing sales and wider acceptance. Then, the product reaches maturity, where sales stabilize and competition intensifies. Finally, in the decline phase, sales decline as the product becomes outdated or replaced. Understanding this cycle helps companies plan marketing strategies, adjust pricing, and innovate to extend the product’s profitable life span.