This thesis is consisted of theoretical and practical part. Theoretical part is made out of four chapters in which market aspects of product such as quality, functionality, brand, price, packaging and image are thoroughly described. Following we have a chapter called the Innovation, which represents the introduction onto the first phase of Product life cycle, that is he focus of this master’s thesis. Main chapter of theoretical part is the Product life cycle, in which is defined what are its phases and their characteristics from more recognized authors. The last chapter in theoretical part are marketing strategies, which are mostly used in certain phases of Product life cycle. The second, practical part of this master’s thesis is based on theoretical part, and on the very beginning it speaks in general about the phenomenon of smartphones and its global market which is estimated to worth now over 400 billion American dollars. Further one it describes all market aspects of smartphones, with special emphasis on quality, design and Brands such as Apple and Samsung. Consecutive chapter is the Product Life cycle of Smartphones, in which, it is tried to prove how smartphones as generic product are in between growth and maturity phase based on the secondary data available on the internet. Finally the last chapter represents the primary research on which results the set theses are being confirmed.