The Product Life Cycle Framework

The Product Life Cycle framework describes the stages a product goes through from its launch to withdrawal from the market. It includes four main phases: Introduction (launch and awareness), Growth (sales increase and acceptance), Maturity (sales peak and stabilization), and Decline (sales decline due to competition or changing preferences). Understanding these stages helps companies manage marketing strategies, production, and improvements, ensuring they maximize product profitability and plan for eventual adjustments or investments as the product evolves over time.