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Feb 26, 2024 · Product Life Cycle: The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market. The cycle is broken into four ...
The Product Life Cycle (PLC) defines the stages that a product moves through in the marketplace as it enters, becomes established, and exits the marketplace. In other words, the product life cycle describes the stages that a product is likely to experience. It is a useful tool for managers to help them analyze and develop strategies for their ...
Sep 14, 2023 · Learn what the product life cycle is and how it affects marketing and business decisions. Explore the six stages of the product life cycle, from development to decline, and see examples of products in each stage.
- Product Life Cycle Phase 1: Introduction Stage. The introduction phase of the traditional product life cycle begins with the actual launch of a product.
- Product Life Cycle Phase 2: Growth Stage. Once a product has been successfully introduced into the market and has survived, it reaches the growth phase.
- Product Life Cycle Phase 3: Maturity Stage. The beginning of the maturity phase of the product life cycle is marked by a reduction in the rate of growth.
- Product Life Cycle Phase 4: Decline Stage. All products inevitably reach the decline phase of the product life cycle. A market-leading product may last longer than others, but it too will reach market decline.
Apr 3, 2024 · Product quality: A high-quality product that meets customer needs and provides an excellent user experience can extend the product's life cycle, while a low-quality one can significantly shorten it. Product innovation : Product innovation, including new features, functionality, and design, can extend a product's life cycle by increasing its relevance and meeting changing consumer needs.
The Product Life Cycle is a management tool that makes it possible to analyze how a product behaves from its development to its withdrawal from the market. It covers every stage of growth, from launch through to adoption, and sales maturity.
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The Product Life Cycle typically includes four key phases: Introduction. Growth. Maturity. Decline. Each phase requires a different mix of marketing activities to maximize the lifetime profitability of the product. In general, this involves early investment to help secure revenue later on.
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