What does product Lifecycle mean?

Product life cycle is the progression of an item through the four stages of its time on the market . The four life cycle stages are: Introduction, Growth, Maturity and Decline. Every product has a life cycle and time spent at each stage differs from product to product.

The product life cycle is the length of time from when a product is introduced to the consumer market up until it declines or is no longer being sold. This cycle can be broken up into different stages, including—development, introduction, growth, maturity, saturation, and decline .

To that end, established products like Starbucks coffee and Apple iPhones are examples of good product life cycle management as well. The product is constantly updated to make it feel fresh to consumers, beating the competition and postponing the transition to the decline stage of the life cycle.