A product life cycle is the different phases a product goes through once released.
The cycle includes Introduction, Growth, Maturity, and decline.
Introduction is when the product is first released, usually there isn't much profit and cash flow in this phase. Growth is when the product starts to catch on, people are starting to purchase and cash flow increases. Maturity is when the product reaches the peak of it's sales. Decline is when the product is out of date and sales decline.
Businesses want products at different stages of the PLC to have continuous cash flow.
Marketing strategies will change as a product moves through the PLC.