Explanation: Product life cycle

The term "product life cycle" stands for a concept that describes the various phases a product goes through during its existence. These phases include the development, introduction, growth and maturity of a product in a market and its withdrawal from it.

Understanding the product life cycle is important for companies as it helps with strategic planning, product development and market launch. In addition, this understanding can be used to define and take measures to maximize the success of a product over its lifetime.

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