A good or service may pass through many stages as it establishes itself in the marketplace. Marketing managers refer to this as the product cycle.

The concept you are referring to is known as the "Product Life Cycle" (PLC). The Product Life Cycle outlines the progression of a product through several stages, from its introduction to its decline. These stages typically include:

1. Introduction: This is the stage when a product is launched into the market. Marketing efforts are focused on creating awareness among consumers.

2. Growth: In this stage, the product gains acceptance, leading to an increase in sales and profits. The focus is on maximizing market share.

3. Maturity: The product has reached peak sales. Competition is high, and the market may become saturated. Marketing strategies aim to maintain market position.

4. Decline: This final stage is characterized by a decrease in sales and profitability. Companies must decide whether to discontinue the product or innovate to revive interest.

Understanding these stages helps marketing managers develop strategies appropriate to each phase, ensuring that the product successfully navigates through the market landscape.