Briefly explain the concept of product life cycle with relevant examples.
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Products, like people, have life cycles. The product life cycle is broken into four stages: introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.
The process of strategizing ways to continuously support and maintain a product is called product life cycle management.
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Products, like people, have life cycles. The product life cycle is broken into four stages: introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.
The process of strategizing ways to continuously support and maintain a product is called product life cycle management.
hope it help
mark as brainliest
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