Product life cycle

A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.
Product life cycles are used by management and marketing professionals to help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more. These strategic methods of supporting a product are known as product life cycle management. They can also help determine when newer products are ready to push older ones from the market [Twi-global].

The term product life cycle refers to the length of time from when a product is introduced to consumers into the market until it's removed from the shelves. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging. The process of strategizing ways to continuously support and maintain a product is called product life cycle management [Investopedia].

Sources:

What is a product life cycle? Twi-global. Retrieved from: https://www.twi-global.com/technical-knowledge/faqs/what-is-a-product-life-cycle

What is a product life cycle? Investopedia. Retrieved from: https://www.investopedia.com/terms/p/product-life-cycle.asp