This article describes the various stages of the product life cycle and the details of events present in each phase. Products have a limited lifespan and to improve the sales of the product new features need to be added continuously for the business to keep on growing. Companies invest heavily in their research and development sector such that they keep updating their product features and keep them relevant to the market.
There are certain product life cycle stages which every company has to know such that they can work on keeping the need for the product in the market and gain revenue by selling it. The older long-established products become less popular and the want for new goods increases rapidly. As the product is launched in the market, they gain popularity based on the marketing and needs of the product by the consumers. Millions of products are bought every year by consumers and these products have a life cycle. However, in the present times, these products are out of fashion and have been replaced by better versions of the same products. CDs and CD players were also a major product which was sold in millions across the world. Just a few decades ago, pagers and telephones were so popular that owning that was a matter of prestige.
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