BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Production life cycle
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Product life cycle
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Product line cycle
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Production level concepts
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Detailed explanation-1: -When a product enters a market, it has a life cycle that traces its journey from being new and valuable to old and obsolete. It is referred to as the product life cycle or PLC. It (PLC) identifies and explains four stages of product development-introduction, growth, maturity, and decline.
Detailed explanation-2: -A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.
Detailed explanation-3: -An extension strategy is usually introduced between the maturity and saturation stages of the product life cycle, before a real decline takes place. The aim is to continue to maintain a steady rate of revenue from a product.
Detailed explanation-4: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline.
Detailed explanation-5: -The product life cycle is divided into four total stages, including development and introduction, growth, maturity, and decline.