The final paper defines the product as well as its life cycle in individual phases. The product is one of the four elements of the marketing mix with price, promotion and distribution. A product is a set of attributes, those tangible or intangible, that meet the needs of consumers. The new product has certain characteristics that have not been seen on the market so far, and that is why consumers perceive it as new. The product is classified into three groups; consumable product, durable product and service. The product life cycle shows the process of "aging" of the product through individual stages. Every product goes through its own life cycle. The life cycle consists of several phases, namely: the phase of product development, the phase of product introduction, the phase of product growth, the phase of product maturity and the phase of product decline or extinction. Several authors have different divisions of the life cycle phase. Concepts on which the product life cycle is based are also listed as well as important factors. The life cycle concept is based on three essential elements. The length and curve of the product life cycle as well as product levels are important factors. The second part of the paper describes the product life cycle of the Kraš company. Case analysis on the example of Kraš d.d. was conducted through two subheadings. The first chapter describes the origin and development of Kraš while the second chapter analyzes the products of Kraš d.d. belonging to a particular phase of the life cycle.