Product life

Imagine you have a toy that you love and play with every day. Eventually, as you keep playing with it, it starts to get old and maybe the paint chips off or it stops working as well. This is kind of like a product's life.

When a company makes a product, it starts out brand new and can be really popular and in demand. People want to buy it and use it because it's new and exciting. But as time goes on, more and more people buy it and eventually, everyone who wants it has it. This is called the introduction stage.

After this, the product might start to grow in popularity and become even more popular than it was before. This is called the growth stage. As more people are using it, the company might start to make more variations of the product to try and appeal to even more people.

But eventually, the product will start to slow down in popularity. This is called the maturity stage. The company might start to lower the price or add new features to try and keep people interested, but eventually, more and more people will start to lose interest.

At this point, the product is in the decline stage. The company might stop making it or start to phase it out as people stop buying it. Eventually, the product will be replaced by something new and exciting and the whole cycle will start over again.