Product life cycle
The product life cycle describes how an offering evolves from its introduction through growth, maturity and possible decline
What it means, how it is used and where it comes up, with its related concepts.
What it is and how it works
It is an indicative framework, not a sequence that every product follows in the same way. It helps discuss investment, innovation and portfolio renewal. Decisions should be based on market and product data, not only on the stage assigned to it.