Explain the 5 stages in the product life cycle ?

The first
phase of the product life cycle is the development or introduction
phase. The product is officially launched into the market. The marketing team does everything it
can to induce customers to buy the product.

After a few months of
development, the product gains popularity and enters the growth
phase. Return customers refer their friends, and sales start booming.

During the growth phase, sales gradually increase every year. In the
maturity phase, the business has already established itself. The
management can effectively predict sales figures because they know their clientele. In this
phase, sales and demand remain fairly constant.

After a while, customers grow
tired of the product and move on to something else. The result is a
decline in demand and overall sales.

The final
stage is abandonment. When the product no longer brings value, the
company stops producing it.