Which term refers to the life cycle stages that a product goes through from development to decline?

The term that describes the life cycle stages that a product undergoes from development to decline is known as the product life cycle. This concept outlines the various stages a product experiences, typically classified into four main phases: introduction, growth, maturity, and decline.

During the introduction phase, the product is launched, and initial marketing efforts aim to raise awareness. In the growth stage, demand for the product increases, leading to higher sales. The maturity stage represents peak sales volume and market saturation, while the decline stage occurs as sales begin to decrease due to factors such as changes in consumer preferences or the advent of new technologies.

Understanding the product life cycle is critical for marketers as it helps in planning strategies for product development, pricing, promotion, and potential discontinuation based on the product's current stage in its life cycle. Recognizing these stages allows businesses to make informed decisions about resource allocation and marketing tactics to sustain or enhance product performance in the market.