Product life cycle management:The various stages that related the period which start with the initial product design and ends with the withdrawal of the product from the market place is called product life cycle.product life cycle management is the succession of strategies used by business management as a product goes through its life cycle. The condition in which a product is sold changes over time and must be managed as it moves through its succession of stages.
The stage of product life cycle:The stages of product life cycle is given below way:
(i) Introduction stage:In this stage the firm seeks to build Product awareness and develop a market for the product.
(ii) Growth stage:In the growth stage, in the firm seeks to build brand preference and increase market share.
(iii) Maturity stage: At maturity, the strong growth is sales diminishes. Competition may appear with similar products.The primary objective at this point is to defend market share while maximizing profit.
(iv) Decline stage:In this stage the product lost its appearance.So,discount of product is mostly needed here.
So,we can express the graphical presentation of product life cycle in the following way–
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| product cycle graph |
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