What are the stages of a product lifecycle?

The stages of a product lifecycle are indeed best represented by the sequence: Introduction, Growth, Maturity, Decline. This model outlines the journey a product takes from its initial launch to its eventual phase-out.

In the Introduction stage, the product is launched into the market, and efforts are focused on awareness and attracting early adopters. Following this, the Growth stage sees increasing sales and market acceptance, often accompanied by increased marketing efforts and enhancements based on customer feedback.

The Maturity stage occurs when the product has saturated the market, sales growth slows, and competition often peaks. Companies then look for ways to differentiate the product, possibly through innovation or marketing strategies.

Finally, in the Decline stage, sales begin to decrease due to various factors such as market saturation, shifts in consumer preferences, or the introduction of superior alternatives. Businesses must then decide whether to rejuvenate the product, invest in new products, or phase out the existing one.

The other choices present alternative terminologies that do not accurately capture the recognized stages of a product lifecycle as defined in business and marketing contexts.