What best defines the "product lifecycle"?

The concept of the "product lifecycle" describes the journey of a product as it progresses through a series of distinct stages, which typically include introduction, growth, maturity, and decline. Each of these stages comes with specific characteristics and business strategies that companies must employ to maximize the product's reach and profitability.

During the introduction stage, the product is launched into the market, and efforts are focused on building awareness and encouraging initial adoption. As the product gains traction, it enters the growth stage, where sales increase rapidly and the market starts to recognize its value. The maturity stage follows, characterized by peak sales and market saturation, where competition intensifies, and the focus shifts to differentiation and retaining market share. Finally, in the decline stage, sales begin to decrease, and companies must decide whether to rejuvenate the product, discontinue it, or pivot their strategy.

This definition captures the dynamic nature of a product's journey and highlights the importance of understanding these stages for effective product management and marketing strategies. By recognizing where a product stands in its lifecycle, businesses can make informed decisions about pricing, promotion, and distribution to align with consumer demand and competitive forces.