The document discusses the product life cycle, which consists of four main stages: introduction, growth, maturity, and decline. It describes the characteristics and strategies used in each stage. In the introduction, awareness is built and the market developed through branding, pricing, distribution, and promotion. In growth, brand preference and market share increase. Maturity sees competition and a focus on defending market share. Decline has options like maintaining, harvesting, or discontinuing the product. Forecasting the life cycle helps management plan strategies for each stage and modify or replace products accordingly.