The product lifecycle refers to the stages a product goes through from its initial introduction to the market until its eventual decline or discontinuation. The lifecycle typically consists of four stages: introduction, growth, maturity, and decline. During the introduction stage, the product is launched, and marketing efforts focus on building awareness. In the growth stage, sales increase as the product gains acceptance. In the maturity stage, sales peak and competition intensifies. Finally, in the decline stage, sales decrease as the product becomes outdated or less relevant. Understanding the product lifecycle helps businesses manage their marketing strategies, pricing, and product development efforts to maximize profitability at each stage.