The paper will present the characteristics and managerial challenges of each phase of the product life cycle. The aim of the paper is to analyze the product life cycle and constructively evaluate the main management decisions related to product management within different stages of Iphone 7. All products on the market have a shorter or longer life span. The time from product launch to product removal is called the product life cycle. The product life cycle is divided into four phases: introduction phase, growth phase, maturity phase and decline phase. The product introduction phase is characterized by slow growth and high costs. During the growth phase, there is a conquest of the market, demand and sales of a new product grow. The maturity phase is market by a reduced sales growth rate, but the sales rate continues to grow. During the decline phase, sales and profits decline, and the only solution for the product is to withdraw it from the market. Within each of these phases financial, marketing, procurement, and human resources strategies are present. The selected iPhone 7 product example shows all stages of the product life cycle. The strategy of iPhone product lines is to introduce new models to the market, not only in the growth phase, but during their maturity phase. The most important product in Apple`s product line is the iPhone, which is gaining in popularity with each new device launching on the market.