Product life cycle stages

The product life cycle is the stages a product goes through from its inception to its decline. The stages of the product life cycle include introduction, growth, maturity, and decline. In the introduction stage, a company introduces a new product to the market, and works to build awareness and demand. In the growth stage, demand for the product increases and the company begins to scale production. In the maturity stage, demand for the product begins to level off, and the company focuses on maximizing profit. In the decline stage, demand for the product decreases and the company may discontinue the product.