What is the term for the ending phase of a product life cycle?

The term for the ending phase of a product life cycle is indeed decline. During this stage, a product experiences a decrease in sales and market interest, often due to changes in consumer preferences, increased competition, or the introduction of new products that better meet market needs. Marketing strategies may need to shift focus during this phase; for instance, businesses might reduce prices, cut marketing expenses, or even decide to discontinue the product altogether as it becomes less viable.

In contrast, the other stages serve different functions in the product life cycle. Growth involves increasing sales and profitability as the product gains market acceptance. Maturity is characterized by peak sales and market saturation, where the product reaches its highest market penetration but may face intense competition. The introduction phase is when a product is first launched into the market, typically seeing lower sales initially as awareness builds. Understanding these stages is crucial for effective product management and strategic decision-making within a business.