BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A product life cycle is a management tool that evaluates a product’s journey from development to withdrawal from the market. As mentioned earlier, it includes four stages-introduction, growth, maturity, and decline.

Detailed explanation-2: -A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. Product life cycles are used by management and marketing professionals to help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more.

Detailed explanation-3: -To that end, established products like Starbucks coffee and Apple iPhones are examples of good product life cycle management as well. The product is constantly updated to make it feel fresh to consumers, beating the competition and postponing the transition to the decline stage of the life cycle.

Detailed explanation-4: -A product life cycle consists of four stages: introduction, growth, maturity, and decline. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market.