The lifetime of every product is typically divided into four Product Life Cycle Stages:
Introduction: A period of slow sales growth as the product is introduced in the market. Profits are non-existent because of heavy expenses incurred in connection with product introduction.
Growth: A period of rapid market acceptance and substantial profit improvement.
Maturity: A period of a slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits stabilize or decline because of increased competition.
Decline: The period when the sales show a downward drift and profits set eroded/plateau off.