Provide a stepwise synthesis for the following. 
Definitions:
Product Life Cycle
A theory detailing the lifecycle of a product, encompassing its introduction, progression, peak phase, and eventual reduction in market presence.
Marketers
Professionals responsible for promoting, selling, and distributing a business's products or services.
Failure Rate
The frequency at which an engineered system or component fails, expressed in failures per unit of time. It is often used to analyze the reliability of products.
New Products
Items that a company offers to the market for the first time, ranging from entirely new inventions to updates or modifications of existing products.
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