Lifecycle phases refer to the distinct stages that an organism or product goes through from its beginning to its end. In biology, these phases typically include stages such as birth, growth, maturity, and death. Each phase has unique characteristics and requirements that influence the development and survival of the organism. In product development, lifecycle phases include introduction, growth, maturity, and decline. These stages help businesses understand how to manage their products effectively, from launching new items to making decisions about discontinuation. Recognizing these phases allows for better planning and resource allocation throughout the product's life.