Final answer:
The brand manager is responsible for managing products through their lifecycle, considering factors like production, cost conditions, and market structure.
Step-by-step explanation:
The individual responsible for managing existing products through the stages of the life cycle is typically the brand manager. The brand manager plays a crucial role in making strategic decisions concerning the production, marketing, and overall management of the products to ensure their success in the market.
Decisions about what product or products the firm should produce, how to produce them, the quantity of output, the pricing strategy, and how much labor should be employed are all influenced by the production and cost conditions each firm faces.
Additionally, these decisions are also shaped by the market structure, which includes factors such as the level of competition in the industry, the similarity of products among different firms, and the ease or difficulty of market entry for new competitors.
The responsible person for managing existing products through the stages of the life cycle is the brand manager. The brand manager is in charge of overseeing the entire life cycle of a product, from its introduction to its retirement.
They are responsible for developing strategies to maintain the product's competitiveness, conducting market research, managing pricing and promotions, and ensuring that the product meets customer needs throughout its life cycle