Question

dicuss how the product life cycle may help sketchers develop its product portfolio

Answer 1

A product's life cycle is its progress from when it is created to when it is discontinued. There are four stages in the cycle, which are development, growth, maturity, and decline. The product life cycle helps business owners manage sales, determine prices, predict profitability, and compete with other businesses.

Explanation:

• The product life cycle portfolio matrix is specifically designed to deal with the criticisms that the BCG matrix ignores products that are new, and that it overlooks markets with a negative growth rate, i.e. markets that are in decline.
• Products have finite life spans.

• The life cycle of a product 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 product development life cycle can be defined as a sequence of all the required activities that a company must perform to develop, manufacture and sell a product. These activities include marketing, research, engineering design, quality assurance, manufacturing, and a whole chain of suppliers and vendors.