MANAGEMENT

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: -The maturity stage is when the sales begin to level off from the rapid growth period. At this point, companies begin to reduce their prices so they can stay competitive amongst the growing competition.

Detailed explanation-3: -Growth Stage: With proper marketing, a product can go into the growth stage. During the growth stage, sales rise rapidly as consumers begin to accept the product.

Detailed explanation-4: -The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product’s marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.

Detailed explanation-5: -The maturity stage of the product life cycle is the most profitable stage, the time when the costs of producing and marketing decline.