Product life cycle

Product life cycle: 

The period of time over which an item is developed, brought to market and eventually removed from the market. First, the idea for a product undergoes research and development. If the idea is determined to be feasible and potentially profitable, the product will be produced, marketed and rolled out. Assuming the product becomes successful, its production will grow until the product becomes widely available. Eventually, demand for the product will decline and it will become obsolete. Hence, the product life cycle is an attempt to recognize distinct stages in the sales history of the product.

In other words, Four distinct but not wholly-predictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4) decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable.

All products have a life cycle. They are born, they live, and they die. No products sell forever. Changes in technology, competition, and buyers’ preference limit their life.