What does the product life cycle describe?

The product life cycle specifically describes the stages a product goes through from its introduction to the market until it is eventually retired or discontinued. This cycle typically includes four main stages: introduction, growth, maturity, and decline. Each stage is characterized by unique marketing challenges, sales patterns, and profit margins. Understanding the product life cycle helps businesses strategize their marketing efforts, manage resources, and make decisions related to pricing, promotion, and distribution. By recognizing which stage a product is currently in, companies can optimize their strategies to extend the product's life and maximize profitability.

The other options, while related to different aspects of business, do not accurately encompass the specific focus of the product life cycle.