Alike anything a product also has a life cycle. A product life cycle has five stages, introduction, growth, maturity, saturation and decline. Introduction is the most difficult and expensive stage. It is when the product has to launch itself and has a small market; having lesser sales and lesser profit. However, growth stage is when the business gains more profit and expands itself. Saturation is when a product has made a mature position in the market and gain consistent profit. However, there is a decline stage, where a product starts to shrink. It could be through other competition or because the product might be outdated.
