Answer to Question #266050 in Marketing for viju

Question

Explain the product life cycle with an example.

Answer 1

A product life cycle is a tool used in management to analyze how a product behaves from the point of creation to the market. it consists of four stages, namely:

1. Launch
2. Growth
3. Maturity
4. Decline

Examples of product life cycle would be products like computers and cars, and they undergo the process from manufacturing, introduction in the market, growth (the success of a product in the market), maturity (the most profitable stage), and finally decline due to competition, loss of market and other forces.