ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -As mentioned earlier, it includes four stages-introduction, growth, maturity, and decline.

Detailed explanation-3: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965.

Detailed explanation-4: -maturity stage. Definition English: Longest period in the life cycle of a firm, industry, or product, during which sales peak and start to decline. In economics, the final stage of economic growth characterized by high level of mass consumption.