product life cycle

Definition

A theory that is based on the evolution of how a product moves through a four-step process, or life cycle, from beginning to end. This process begins with the introduction of the product, and then it moves on to the growth stage, the maturity stage, and ends with a decline in the product's sales.

Use product life cycle in a sentence

When they were considering offering a new line of portable DVD players for sale, the marketing consultant walked them through the entire product life cycle.

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It was cool to track the product life cycle because it had a really cool start point and an even better finishing point.

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The product life cycle was best displayed with a few different graphs that separated each part of the life cycle beautifully.

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