Product Life Cycle:

Just like plants and animals, products also have a life cycle. That is they are born, grow up, mature and finally die. The concept of product life cycle involves an attempt to identify the different stages or phases in the sales history of a product. Each stage when identified, presents different marketing opportunities and problems. If the marketer knows the phase in which a product is in or is moving towards, he can devise a marketing programme that befits that stage.

The product life cycle shows an S shaped curve.