Just like humans, products go through a life cycle with defined stages. They take birth in the minds of their creators and producers. This is called the Introduction stage. Then their numbers and popularity grow as consumers respond to the idea. This is called the Growth stage. Then, they reach their peak as an established product which is also known as the Maturity stage. Finally, in their version of old age, their popularity and demand decline due to competition or market saturation. This final stage is called Decline.
For example…
Take the energy drink product life cycle. It started off quietly when it was introduced as an electrolyte-replenishing drink for athletes but later took off as more players entered the market and started promoting it to regular people. The energy drink market has continued to grow over the past decade or so and it looks set to keep doing so until health advocates bring it down or there are other viable alternatives customers choose.
