The decline stage is the final stage of the Product Life Cycle (PLC) in which product sales and profits begin to decline sharply and continuously. This decline can be caused by technological advances, changing consumer tastes, or increased competition from new, better substitutes.
In this stage, management has three main strategic options: 1) Maintain (maintain the product in the hope that competitors will exit the market), 2) Harvest (reduce investment and maximize short-term profit), or 3) Divest (dismantle or sell the product to free up resources).
