a) Explain Product Life Cycle in detail with help of practical example.
Answers
Answer:
The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.
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Explanation:
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Answer:
A product processes through a number of stages, such as from introduction to growth, maturity, and decline. This sequence of stages is called Product Life Cycle (PLC). The PLC influences the marketing strategy and marketing mix of an organization.
Self-driving cars are still at the testing stage, but firms hope to be able to sell to early adopters relatively soon. Growth – Electric cars. For example, the Tesla Model S is in its growth phase. Electric cars still need to convince people that it will work and be practical.
More To Know:
The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.