The product lifecycle is a sequence of periods and events for a product or a brand. The sequence is formed, adapted and changed according to the external environmental forces as well as the internal operations of the business relevant to the product. The product lifecycle can be plotted on the graph as a function of the different periods and stages of the product lifecycle and the revenue base of the product in each specific stage. A typical product lifecycle has four min stages. However it is possible for these stages to be prolonged and merged by the marketing and brand establishment efforts of the company.
The different stages of a product lifecycle include the introduction phase, the growth phase, the maturity and the decline phase. The introduction phase is also referred to the launch phase in which the product is established and introduced to the market and the competition in the market. This is the initial stage of the product lifecycle and is akin to the product/ the brand being born.
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