What are the five stages that a product goes through over its life cycle?

The correct sequence of stages in a product life cycle is Development, Introduction, Growth, Maturity, and Decline. This model outlines how products are launched and managed over time in the marketplace.

The first stage, Development, involves the research and creation of the product before it is introduced to consumers. After this, the product enters the Introduction phase, where it is first made available for sale, often accompanied by marketing efforts to raise awareness. As consumers begin to purchase the product, it enters the Growth stage, characterized by an increase in sales as the market accepts the product and it gains popularity. Following this, the product reaches the Maturity stage, where sales peak and market saturation occurs. Finally, in the Decline stage, sales begin to drop as market interest wanes or as consumers move on to newer alternatives.

This life cycle framework is essential for businesses as it guides them in making strategic decisions at each phase, such as marketing strategies, production planning, and product updates. Understanding these stages helps businesses maximize their investment and respond effectively to market changes.