MANAGEMENT

Detailed explanation-1: -The product life cycle is used for decision-making and strategy development throughout each stage. Marketers use the product life cycle to customize messaging for each stage, using market research to guide their efforts.

Detailed explanation-2: -What is a product life cycle? 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-3: -The product life cycle is divided into four total stages, including development and introduction, growth, maturity, and decline.

Detailed explanation-4: -The stages are development, introduction, growth, maturity, and decline.