What does the product life cycle describe?

The product life cycle describes the characterization of product growth, maturity, and decline over time. This framework illustrates how a product evolves from its introduction to the market, experiences growth as it gains acceptance, reaches a peak of maturity when sales stabilize, and eventually enters a phase of decline as market demand decreases. Understanding this cycle helps businesses strategize and make informed decisions about investment, marketing, and product development at each stage, allowing for better alignment with consumer needs and market conditions.

While other answers touch on important aspects of product management, option B specifically captures the essence of the product life cycle by emphasizing these key phases and their implications for sales and marketing strategies throughout the product's journey in the market.