Products have a life just like any living thing. For products, their are generally 4 stages to their lifecycle: Introduction, Growth, Maturity, and Decline. While products don't have uniform lifecycles, you can expect nearly all products to go through these stages.
TERM IN ACTION
“After the initial phase of introduction, we were lucky to see that our Product Lifecycle had a very long growth phase, quality maturity, and a slow decline.”
Read more about Product Lifecycle here: