All products have a limited lifespan that follows a biological product life cycle of introduction, growth, maturity, and decline. During the introduction stage, sales are low and costs are high as a product enters the market. In the growth stage, costs decrease as sales and profits increase due to economies of scale and growing brand awareness. The mature stage sees peak sales but increased competition and lower prices. Finally, the decline stage is marked by decreasing sales, profits, and prices as a product becomes less successful over time.

1. “ All products, no matter how successful are mortal”