<ul><li>Understanding the product lifecycle is crucial for businesses to strategically manage their products and maintain competitiveness.</li><li>The product lifecycle is traditionally divided into four phases: introduction, growth, maturity, and decline.</li><li>Each phase presents unique challenges and opportunities, requiring tailored strategies.</li><li>Businesses should use real-time data, competitive analysis, and consumer insights to complement the product lifecycle framework.</li></ul>

Product Lifecycle: An Overview

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