Product life cycle refers to the timeline encompassing a product’s life, from its development until it is removed from the market.

Business theorists have observed that companies go through identifiable life stages, just like individuals do. The life cycle theory also applies to products, product lines and entire industries.

If you do everything right with your business, your long-term reward will likely be stagnant sales and profits. That's because when you reach the top, you lose your ability to grow like you did when ...