<ul><li>The product life cycle consists of four stages - introduction, growth, maturity, and decline.</li><li>In the introduction stage, sales are modest and marketing efforts are focused on increasing consumer awareness and product trials.</li><li>The growth stage is characterized by increased recognition and popularity, with a focus on setting the product apart from competitors.</li><li>Maturity is the stage where the product stabilizes, sales level off, and the focus is on maintaining market share and efficiency.</li><li>The decline stage occurs when sales and profitability start to decline due to competition from new or innovative products.</li></ul>

The Concept of Product Lifecycle and Its Stages

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