Which term describes the stages a product goes through from introduction to market exit?

The term that best describes the stages a product goes through from introduction to market exit is the life cycle of a product. This concept encompasses all phases a product experiences, which typically include introduction, growth, maturity, and decline. Understanding this cycle helps businesses strategize marketing, manage inventory, and predict sales trends based on the characteristics of each stage.

In the introduction stage, the product is newly launched, often requiring significant marketing and investment. As it moves into the growth phase, sales begin to rise significantly, and market acceptance increases. The maturity stage sees sales stabilize as the market becomes saturated, leading to intensified competition. Finally, the product enters the decline stage, where sales decrease due to market changes, evolving consumer preferences, or the introduction of superior alternatives, ultimately leading to market exit.

This comprehensive view provided by the life cycle of a product allows businesses to effectively plan and adapt their strategies accordingly as the product transitions through its various stages.