<ul><li>The Product Lifecycle refers to the progression of a product through four key stages: Introduction, Growth, Maturity, and Decline.</li><li>In the Introduction stage, the product is launched into the market and sales grow slowly as customers are unaware of its existence. The focus is on creating awareness and trial among potential customers.</li><li>During the Growth stage, sales begin to increase rapidly, attracting new competitors. Customer feedback is essential for product improvements.</li><li>In the Maturity stage, the product reaches peak sales. Competition intensifies, leading to price wars and increased marketing expenses. Companies must differentiate their products.</li></ul>

Understanding the product lifecycle

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