A product's life cycle is one that has four stages; introduction, growth, maturity, and decline.
What is the product's life cycle?
In the introduction phase, high marketing costs and low sales characterize the product's launch. The growth phase sees increasing market acceptance and rising profits.
Maturity involves market saturation and heightened competition, necessitating product differentiation and cost management.
Finally, the decline phase witnesses declining sales and profitability, prompting businesses to decide whether to discontinue, rejuvenate, or replace the product. Understanding these phases helps businesses tailor strategies ensuring effective management throughout a product's lifecycle.
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What are Product life cycle ( phases and their implications)