The time span between a product's initial release to consumers and its eventual withdrawal from the market is known as its life cycle. Four stages—introduction, growth, maturity, and decline—are typically used to describe a product's life cycle. Management and marketing experts consult product life cycles to help them decide on advertising schedules, price points, the expansion of their product lines into new markets, the redesign of their packaging, and other factors. Product life cycle management is the name for these strategic means of sustaining a product. They may also provide insight into the readiness of newer products to displace more established ones from the market. How a product is marketed to consumers depends on the various stages of its life cycle. When a product is successfully introduced to the market, demand and popularity should increase, driving out competitors' older products. Marketing efforts are reduced as the new product gains traction, and pro
Comments
Post a Comment