What are the stages of the Product Life Cycle?

The stages of the Product Life Cycle are a fundamental concept in marketing and product management, illustrating the progression of a product from its inception to its eventual decline. The correct sequence of stages includes Introduction, Growth, Maturity, Decline, and Extension.

In the Introduction stage, a product is launched into the market, and awareness is built among potential customers, but sales are typically low as the product is new and not widely known. This is followed by the Growth stage, where market acceptance begins to increase, leading to rising sales and profitability as more consumers become aware of and purchase the product.

The Maturity stage occurs when the product's market saturation is reached, and sales growth starts to slow down. During this phase, competition is often at its peak, and businesses may need to innovate or update their offerings to maintain market share. The Decline stage follows, where sales and profitability start to decrease due to market saturation, changing consumer preferences, or the introduction of newer products.

Finally, the Extension stage refers to strategies used to prolong the product's life cycle, such as updates, rebranding, or targeting new markets to reinvigorate interest and sales.

Understanding these stages is critical for making informed strategic decisions regarding product development, marketing, and resource