what is product life cycle

The product life cycle is the succession of stages that a product goes through during its existence, starting from development and ultimately ending in decline. It is typically broken down into four stages: introduction, growth, maturity, and decline. These stages help businesses and marketers make important decisions and strategies on advertising budgets, product prices, packaging, and more. The concept of product life cycle management (PLM) aims to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities, and reduce environmental impacts at end-of-life). By understanding the product life cycle, companies can allocate resources, make better marketing investments, and make long-term plans. The product life cycle informs an organization’s management and decision-makers how well a product is performing and what strategic actions it will take to succeed.