What is The Product Life cycle?

Any item you can purchase has a life cycle and a limited lifespan. Development, growth, maturity, and decline are its four phases.

1. Development – This is exactly what it sounds like. It’s the period in which the software is developed and initially marketed and adopted or sold. In this stage, the software might still have some small issues or be lacking in features.
2. Growth – As awareness of the software grows and the software becomes more stable, it enters a growth phase. Sales or distribution of the software begins to accelerate. Because software is something that can be changed while in use, there may be some more updates and a few features introduced.
3. Maturity – The software has reached its peak sales or distribution. There is ongoing support for the software, but generally speaking, there aren’t any major updates or feature enhancements.
4. Decline – For a number of possible reasons, the sales and distribution of the software begins to go down. It could be because it’s no longer really needed, a better competing product came along, it’s not keeping up with the needs of the user, or other reasons. The point is, it’s not selling that well.