A new product life cycle usually goes through four phases: Phase 1 where sales increase though slightly (introductory phase); Phase 2 where sales first increase at an increasing rate and then at a decreasing rate (growth phase); Phase 3 where sales flatten (maturing phase); and Phase 4 where sales start falling off (declining phase). In recent years, the life cycle of certain products has dramatically changed. For products like iPhone, a significant amount of sales come in first few weeks, and then taper off.

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