product lifecycle theory

Product lifecycle theory describes the stages a product goes through from introduction to decline in the market. It typically includes four phases: introduction, where awareness is built; growth, where sales increase rapidly; maturity, where sales stabilize; and decline, where sales decrease as the product becomes outdated or replaced. Businesses use this model to plan marketing, production, and innovation strategies, ensuring they maximize profit and adapt to changing market conditions at each stage. Understanding the product lifecycle helps companies make informed decisions about when to promote, modify, or phase out a product.