Describe the stages of the product life cycle

The product life cycle typically includes the following stages:

1. Development — creating and testing the product, preparing for launch.
2. Introduction — launching the product to the market, active marketing efforts to attract initial users.
3. Growth — increasing sales and expanding the market, improving the product based on feedback.
4. Maturity — stabilizing sales, competition intensifies, focus on customer retention and cost optimization.
5. Decline — decreasing demand, possible reduction in sales, decisions on modernization, replacement, or withdrawal from the market.

Each stage requires its own management, marketing, and development strategies to utilize resources and opportunities as effectively as possible.