Each product will have a life cycle, although its exact shape and length is not known in advance. Briefly explain each step in the product life cycle

What will be an ideal response?

Introduction is a period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction. Growth is a period of rapid market acceptance and increasing profits. Maturity is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend the product against competition. Decline is the period when sales fall off and profits drop. A company may seek to maintain a product hoping competition will diminish or drop it.