What do you mean by product life cycle?
Question: What do you mean by product life cycle?
The product life cycle refers to the stages that a product goes through from its introduction to the market until its eventual decline and removal from the market. The product life cycle typically consists of four stages: introduction, growth, maturity, and decline.
During the introduction stage, the product is launched into the market and sales are low as customers become aware of the product and its benefits. In the growth stage, sales begin to increase rapidly as more customers adopt the product and competition increases. In the maturity stage, sales growth slows down as the product reaches its peak level of acceptance and competition becomes more intense. Finally, in the decline stage, sales start to decline due to factors such as market saturation, changing customer preferences, and the emergence of new products.
Understanding the product life cycle is important for businesses as it allows them to develop appropriate marketing strategies and make decisions on product development, pricing, distribution, and promotion to maximize sales and profits throughout the product's life cycle.
Rjwala is your freely Ai Social Learning Platform. here our team solve your academic problems daily.
0 Komentar
Post a Comment