What is market life cycle?

There are five steps in a life cycle—product development, market introduction, growth, maturity, and decline/stability .

A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline .

Market Life Cycle is the period of time that a substantial segment of the buying public, is interested in purchasing a given product or service form . A new product progresses through sequence of stages from introduction to growth, maturity and decline.