describe product life cycle
Answers
Explanation:
A product life cycle is the life cycle of a product which is broken into four main stages, namely the introduction, growth, maturity, and decline. The concept of Product Life Cycle is usually used by management and by marketing professionals as a factor to decide the appropriate time to increase advertisement, reduce product prices, expand to new markets. A product typically starts with an idea then undergoes research and development to find if its feasible and potentially profitable. At this point, there is a production of the product, marketed and rolled out. A product life cycle has four main stages namely:
1. Introduction stage, where the company launches the product to the market.
2. Growth stage which is characterized by steady growth in sales and profits.
3. Maturity stage is where the product is established, where the manufacturer aims to maintain the market share that they have built.
4. Decline Stage, where the market of the product begins to reduce due to saturation of the market or customers switching to a new product.