ACCA Certification Practice Test 2025 – All-in-One Guide to Secure Your Chartered Success!

The product life cycle consists of several recognized stages that illustrate the progression of a product from introduction to its retirement in the market. These stages typically include introduction, growth, maturity, and decline.

The stage of development is notably not included in the traditional product life cycle framework because it represents the phase prior to a product being introduced to the market. During the development stage, a product is conceptualized, designed, and tested, but it has not yet started its commercial journey. The actual product life cycle begins once a product has been launched, hence the stages recognized in the product life cycle focus solely on the market performance of the product after this initial phase.

Recognizing this distinction is crucial for understanding marketing strategies, business planning, and forecasting sales throughout the various stages of a product's life in the market.