<ul><li>The product lifecycle consists of four stages: Introduction, Growth, Maturity, and Decline.</li><li>During the Introduction Stage, companies focus on marketing and distribution to introduce the product to potential customers.</li><li>In the Growth Stage, sales skyrocket, and companies expand their product lines and marketing campaigns to meet growing demand.</li><li>The Maturity Stage is a time of stabilization, where sales growth slows and companies focus on cost optimization and diversification.</li><li>In the Decline Stage, sales and market share shrink, and companies need to manage inventory and make strategic decisions for the future.</li></ul>

The Journey of a Product: Understanding the Product Lifecycle

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