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The different stages are launch, growth, maturity, saturation and decline.
How useful is the Product Lifecycle?. There are several different uses it holds to a firm. Managers use it because it highlights the need for a firm to change its marketing policies at the different stages of a products life. It then aids them in planning out their marketing strategies.
A firm might draw out a Product Lifecycle to identify the stage at which its product is at in the lifecycle, from there they can decide what to do to keep the product alive or to maintain high sales.
The Product Lifecycle can be used as an aid to set budgets within a firm as well...
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