What is the final stage of the Product Life Cycle?

The final stage of the Product Life Cycle is typically considered to be decline, which is a phase where sales and market interest start to diminish. While you identified obsolescence as your answer, it is important to clarify that obsolescence refers to a state where a product is no longer useful, can no longer meet consumer needs, or has been replaced by newer technologies, but this does not formally constitute a stage in the traditional Product Life Cycle model.

In the decline phase, a product experiences reduced profitability and customer interest due to market saturation, shifting consumer preferences, or the introduction of innovative alternatives. Businesses may choose to phase out the product, sell it off, or attempt revitalization efforts. Understanding these stages is crucial for managing product portfolios effectively and making informed decisions about marketing, production, and investment.