Every product has a finite life cycle from its development stage till the decline stage when a product is obsolete and not in demand. When a product is formed it passes from various phases of the product life cycle.
In the development phase, the research and development are conducted to reach a suitable product that can be sold in the market. In the introduction phase, the product has low sales and high marketing expenses to increase awareness. When the product enters the growth phase the sales began to rise and making a profit due to large scale production.
During the maturity phase, the product is at its best and it is the time the product tries to maintain the market share as long as it can. In the product decline phase, production and marketing are stopped as the product seems to be no more acceptable.
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