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Question
What is the product life cycle?
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Solution
The life cycle of a product is known as the product life cycle. It comprises introduction, growth, maturity and decline. After initial development, a product will be introduced in the market. Hopefully, its sales will grow and eventually the market will stabilise and become mature. Then, as new products are launched, sales for the original product will start to decline. This process is known as the product life cycle.
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