MANAGEMENT

Detailed explanation-1: -At this point a product is established in the marketplace and so the cost of producing and marketing the existing product will decline. As the product life cycle reaches this mature stage there are the beginnings of market saturation.

Detailed explanation-2: -The decline stage in the product life cycle is when a product dissolves as a result of decreased or negative growth. It is a result of lower demand, which ultimately results from new inventions and technology advancements.

Detailed explanation-3: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.

Detailed explanation-4: -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-5: -Decline Stage In the fourth stage of the product life cycle, the product fails to make the same kind of revenue and profits as it did before, though it could still be profitable, albeit with smaller margins.