This refers to the marketing stages a product or service passes through from introduction to withdrawal from the market.
The product lifecycle typically includes introduction (market launch, often including market trials), growth (increasing sales as the market becomes more aware of the product), maturity (the peak level of real sales but with little growth in market share), decline (reducing sales as the product becomes obsolete or replaced by substitutes). In some models the introduction stage is preceded by a development stage including market research and the decline stage is followed by a disposal stage where the disposal of production capacity and IPR may be managed in order to maximise return or prevent reputational damage.
The product lifecycle is a term normally found in strategic management and performance management.
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