When you first venture into new product territory, you face a lot of decisions. For example, you might wonder whether you should take a traditional business approach or opt for a lean startup. You must decide when it’s time for prototyping and beta testing. In the middle of all of this product creation or product development, it’s easy to forget that every product has a defined product life. If everything goes well, it will pass through the four main stages of the product life cycle. Feeling hazy on the product life cycle? Keep reading for some tips on understanding it.