It will not be incorrect to state that the product life cycle is the most important and essential part of marketing. A product goes through different stages that are known as product lifecycle. New products progresses through a sequence of different stages in which introduction of the product to growth, maturity and decline are included. However, it is not necessary that all products reach to the final stage of the life cycle. In fact, some never reach to maturity stage. The reason is that it depends on the market situation and marketing strategy of the product. It should be noted that the revenue and profits generate on growth and maturity stage. Thus, the purpose of the paper is to identify and elaborate the key characteristics found within each life cycle. Furthermore, the paper will reflect upon four different product life cycles. In which products will be described that appropriately fit in the cycle stages.
