The Product Lifecycle refers to the stages a product goes through from its introduction to the market until its decline. It typically includes five phases: development, introduction, growth, maturity, and decline. Understanding these stages helps businesses manage their products effectively, ensuring they meet customer needs and maximize profits. During the introduction phase, a product is launched, and marketing efforts focus on creating awareness. As the product gains popularity, it enters the growth phase, where sales increase rapidly. Eventually, it reaches maturity, where sales stabilize, and finally, it may decline due to market saturation or changing consumer preferences.