Discuss what is product life cycle
Answers
Explanation:
What Is a Product Life Cycle?
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.
KEY TAKEAWAYS
The concept of product life cycle helps inform business decision-making, from pricing and promotion to expansion or cost-cutting.
The product life cycle is defined by four stages: introduction, growth, maturity, and decline.
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