what is the product life cycle?

Question

the path that a product travels, from manufacturer to consumer
the amount of time that a product lasts after it is purchased
the stages that a product may go through over time

Answer 1

The product life cycle refers to the stages that a product may go through over time. It typically includes the following stages:

1. Introduction: The product is launched, and efforts are made to promote it to customers. Sales grow slowly, and costs are often high.

2. Growth: The product begins to gain traction in the market. Sales increase rapidly as more consumers become aware of the product and accept it.

3. Maturity: Sales growth stabilizes or slows down as the product reaches widespread acceptance. The market becomes saturated, and competition may increase.

4. Decline: Sales and profits may begin to decrease as consumer preferences change, new technologies emerge, or competition intensifies. Companies may try to revitalize the product or phase it out.

Understanding these stages helps marketers and businesses plan strategies for product development, marketing, and management.