Question

What do you mean by a Product ? Explain various stages of Product Life Cycle.

Answer 1

Answer:

The output received When inputs go through a process is known as product.

A product life cycle consist of three stages.

Raw materials

Processing

Maturity

Decline

Raw materials go through processing and make a product which is then introduced in the market as a need or a want and demand is created to boost profits out of it.

Thanks

Answer 2

Explanation:

an article or substance that is manufactured or refined for sale.