Explain the concept of a “Product Life Cycle” and itssignificance.
Answer in 150-200 words
Expert Answer
The Product life cycle refers to various stages a product needsto qualify in order to be successful in the market.
The concept of product life cycle can be defined as:-
- Development
It is termed as the first stage of the product life cycle wherethe concerned department of the organization begins the developmentof a particular product after analysing the market and theavailable resources within the organization.
- Growth
This is termed as the second stage when the product is acceptedby the end-user and is growing at a faster pace which enables thecompany to
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