| Product life cycle: | the life span of a product - this traces its path from launch through to decline |
| Research and development (R&D): | this stage takes place before the product is even launched into the market |
| Introduction: | the stage when the product is launched into the market |
| Growth: | sales are growing rapidly at this stage as the product becomes very well-known to consumers |
| Maturity: | the product is now established within the market and sales levels are maintained |
| Saturation: | sales levels have reached their peak and new customers are very difficult to find |
| Decline: | the final stage of the product life cycle, sales have fallen and the product is unprofitable |
