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Product life cycles are the stages that a new product goes through from its initial introduction through to growth, maturity, and decline.
The shapes of a product life cycle vary depending on the industry, the competition, technological innovation, and the marketing of the product.
Product life cycles can be extended through various marketing techniques, which encourage new and current users to keep purchasing the product and use it in new ways.

There are many types of new products ranging from slight product modifications, to more innovative changes, to the more radical innovations we see in the market. New products must have a distinct point of difference to enjoy long-term success in the market. From a strategic point of view, companies can follow a combination of approaches to innovation including market penetration, product development, market development, and diversification.

The new product development process follows seven steps: (1) new product development strategy, (2) idea generation, (3) screening and evaluation, (4) business analysis, (5) development, (6) test marketing, and (7) commercialization.

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