What are the phases of the product lifecycle?

Remember to provide a simple definition of each phase. Senior product managers sometimes play a role in describing these phases to their customers or stakeholders, and this question is an opportunity to demonstrate your ability to educate others.

"There are four phases of the product lifecycle. The first is introduction. The goal of this phase is to create a buzz and develop awareness within the market of the product. The second phase is growth. The goal of this phase is to develop a brand preference for your product. The third stage is maturity, and the goal is to maximize your profit and market share. The final phase is decline. The goal of this phase is to reduce costs, add the final features, and eventually discontinue your product."