The Product life cycle chart is a model for understanding a product's life stages and how it can be used in marketing. The diagram below shows what happens to a product from its inception to its eventual decline.
The first life cycle stage is the introduction stage, where companies introduce their products to the market. This can include product research, planning, and testing, as well as an advertising campaign. The second stage is growth, which occurs when product demand increases and sales exceed expectations. The third stage is maturity when sales have slowed, but there are still enough buyers to keep production going at full capacity. The fourth stage is decline when sales fall below expectations, and production stops completely—in some cases. The chart ideally summarizes all these gradual steps of growth
