The product lifecycle refers to the stages a product undergoes from conception to discontinuation. It usually consists of five phases:
1) Development: This phase involves researching, designing, and creating a new product idea.
2) Introduction: The new product is launched and introduced to the market, but with high development and marketing costs and low sales.
3) Growth: The product gains popularity, and sales increase rapidly.
4) Maturity: Sales growth slows and levels off as the product becomes well-established but faces increased competition.
5) Decline: Sales decline, and the product is eventually phased out.