Question

Explain product life cycle in detail.

Answer 1

Every product has a definite life and in business through the various stages of product life cycle, we measure its performance and success rate in the market. This means that when a new product has been developed then it would pass through product life cycle (PLC) in which it would show different levels of sales and profit. The business organization has the desire to cover all the risk and efforts made in developing and selling that product. The business is always looking for a new product, which clears that every new product will never be sold forever. Every time you need to go towards new product.

Different products have different product life cycle depending on their demands and changing trends in the markets. Some products quickly obsolete, like related to IT, while other has longer duration of useful life. But every new product is passed from the five stages in which the sales and profits shows different proportions. So the business should adopt certain strategies relative to the feasibility of each of the stage

Answer 2

product life cycle management is the succession of strategies by business management as a product goes through its life cycle.