The product represents all that can be offered on the market with the aim of attracting attention, encouraging the purchase, use or consumption only, in a way that satisfies the wishes and needs of customers and consumers. The product is a key element of the market and therefore every company has to define the entire range of activities, for example, the breadth, depth and consistency of its offer. Product life cycle phases are: product development, introduction, growth, maturity and decline. Product development is based on: improving existing products and developing new products. Features of the new product introduction phase are high product prices, high costs and small sales volume. The growth phase is the second stage in the product's life cycle, and begins when the sales level reaches the point where the new product begins to generate profits. The maturity of the product manifests itself in the fact that the product has reached its peak, ie the highest growth point. The declining demand phase for the product begins when the cycle curve goes downhill. When it comes to falling, it is most important to determine the reasons for the decline in sales and then decide whether the product should be improved or simply leave it's destiny.