What is the correct definition of the product life cycle?

The product life cycle is best defined as a framework describing the journey of a product through different stages, from its introduction to the market, growth, maturity, and eventual decline. This concept helps businesses understand how products evolve over time and the various factors that impact their sales and market position at each stage.

In the introduction phase, a product is launched, typically accompanied by efforts to build awareness. As the product gains traction, it enters the growth stage, characterized by increasing sales and market acceptance. Following this, the maturity phase relies on maintaining market share as competition intensifies. Finally, products may enter a decline phase due to market saturation, changing consumer preferences, or the introduction of superior alternatives.

Understanding the product life cycle is critical for designing marketing strategies, managing product portfolios, and allocating resources effectively throughout a product's availability in the market.