Product Life Cycle

A product life cycle is the life of a new or old product that has just come out or going into the decline stage which means that the products are not being brought that much anymore like they use to be.

An example of a introduction is a new product that has just come into the market for example the new Applewatch is the newest thing on the market to buy.

As consumers, we buy millions of products every year. And just like us, these products have a life cycle. Older, long-established products eventually become less popular, while in contrast, the demand for new, more modern goods usually increases quite rapidly after they are launched. Because most companies understand the different product life cycle stages, and that the products they sell all have a limited lifespan, the majority of them will invest heavily in new product development in order to make sure that their businesses continue to grow.