The product life cycle is the time span between when a product is introduced to the market and when it is phased out. A product’s life cycle is usually broken down into four stages: introduction, growth, maturation, and decline.
Management and marketing experts use product life cycles to establish advertising schedules, price points, growth into new product markets, packaging redesigns, and more. Product life cycle management refers to these strategic approaches to product support. They can also assist you in determining whether newer items are ready to replace older ones.
As previously stated, a product’s life cycle has four stages: introduction, growth, maturity, and decline; however, a product must first go through design, research, and development. A product can be manufactured, advertised, and delivered to customers once it has been determined to be useful and potentially profitable. At this point, a product’s life cycle begins.
How a product is marketed to consumers is determined by the various stages of its life cycle. When a product is successfully launched to the market, its demand and popularity should rise, displacing older items. As the new product gets more well-known, marketing efforts decrease, and marketing and production costs decrease. Demand drops as a product matures, and it may be taken out of the market, possibly to be replaced with a newer option.
Managing the four stages of the life cycle can assist boost profitability and maximize returns, but failing to do so can result in a product failing to reach its full potential and having its shelf life reduced.
Also, See: Product Development Process
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