MANAGEMENT

Detailed explanation-1: -As mentioned above, there are four stages in a product’s life cycle-introduction, growth, maturity, and decline – but before this a product needs to go through design, research and development. Once a product is found to be feasible and potentially profitable it can be produced, promoted and sent out to the market.

Detailed explanation-2: -Introduction – This is the first stage of the product life cycle. Once a product is developed, the first step is its introduction into the market. During this stage, the product is released into the market for the very first time.

Detailed explanation-3: -There are four stages in a product’s life cycle-introduction, growth, maturity, and decline.