Product Life Cycle - Free Essay Examples and Topic Ideas

Product life cycle refers to the stages a product goes through from its inception to its eventual decline and discontinuation. There are typically four stages: introduction, growth, maturity, and decline. During the introduction stage, the product is launched and marketed to create awareness and generate demand. In the growth stage, sales increase rapidly as the product gains popularity and competition increases. In the maturity stage, sales growth slows as the market becomes saturated, and the product may face declining profitability. Finally, in the decline stage, sales decrease as newer products or technologies emerge, and the product is eventually phased out. Understanding the product life cycle is important for businesses to plan their marketing and product strategies, manage inventory levels, and make informed decisions about investments and resource allocation.

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