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Product life cycle is the biological life cycle which shows the stages of growth of products. Product life has some stages and the product can be positioned on the specific stage according to the market positioning of the product. The five stages of product life cycle include Introduction, Growth, Maturity, Decline and withdrawal. Now if a product is recently introduced then it comes in the first stage of product life cycle. If it is showing growth in the market then it comes in the second stage of product life cycle. If product has already established a suitable position in the market then it is positioned at maturity stage. Decline stage comes when product is no more in demand and it's withdrawal happens when it is no more available in the market. Product life cycle is very helpful in understanding the life cycles of various products and the time taken by each stage in the complete life of the product.
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