What is product lifecycle?

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 .

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.

Summing up the seven stages of New Product Development: idea generation, idea screening, concept development, and testing, market strategy/business analysis, product development, market testing, and market entry/commercialization .

What are the stages of the product life cycle?