The product life cycle is a concept used in marketing and business to describe the stages a product goes through from its introduction to the market until it's removed or phased out. The typical product life cycle includes four main stages:

1. Introduction Stage:
- The product is new to the market.
- Sales growth is slow as the product gains awareness.
- Promotion and distribution efforts are high.
- Profit margins may be low due to high production costs.

2. Growth Stage:
- Sales increase rapidly as the product gains acceptance.
- More competitors enter the market.
- Production costs decrease due to economies of scale.
- Profit margins start to rise.

3. Maturity Stage:
- Sales growth slows down as the market becomes saturated.
- Competition intensifies, leading to increased marketing and promotional activities.
- Product differentiation strategies are common.
- Profit margins may stabilize or decline due to increased competition and market saturation.

4. Decline Stage:
- Sales begin to fall as consumer preferences change or newer products emerge.
- Profits decrease as demand wanes.
- Companies may reduce marketing efforts or phase out the product.
- Eventually, the product is discontinued or replaced by newer offerings.

Understanding the product life cycle helps businesses plan their marketing strategies, allocate resources effectively, and make informed decisions about product development and management.