PRODUCT LIFE CYCLE:
According to this figure, the product life cycle has 4  stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
Introduction Stage – This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector.
Growth Stage – The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase.
Maturity Stage – During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.
Decline Stage – Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product.
In broader sense there is nothing like product life cycle, but there exists a INDUSTRIAL LIFE CYCLE which includes all so called Product cycles in an industry.

According to the product life-cycle concept, all products move through four life-cycle phases.

• During the introductory phase growth is slow and volume is low because of limited awareness of the product's existence.
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• Sales rise during the growth phase and profit per unit sold reaches a maximum.
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• As products reach maturity, growth in sales starts to level off. Organisations have to invest heavily to extend the life-cycle while competition becomes stronger.
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• When sales start to fall a product is said to be in decline

 Product LIFE cycle for lakme sunscreen can be :

INTRODUCTION: Start under a reknowned brand name which has already established its position in the market.
GROWTH: launched different sunscreens for various types of skins and was accepted widely.

MATURITY: increase across lakme range was the time of maturity for the product.
DECLINE: also the competition lead to the decline of sales of the product.