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1. Something produced by human or mechanical effort or by a natural process, as: a. An item that is made or refined and marketed: farm products; soaps, detergents, and similar products; travel products such as vacation trips. b. Such items considered as a group: sold a lot of product in May.
What is the product life cycle? The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to grow and others rise and fall.