Terms Product Management Following Product Life Cycle Philosophy Detrimental Beneficial St Q34238329

In terms of product management, can following the Product LifeCycle philosophy be detrimental or beneficial? State your positionand give reasons supporting your view.

Expert Answer

The understanding of product life cycle is beneficial for anindividual and helps in long term success. It helps to know thereal market scenario and strategies that needs to be adopted tosustain organizational profitability. Example: I work for aconsumer goods company. In the fast changing world, there are newproducts being introduced frequently as per consumer demand. Theproduct life cycle helps to adopt right strategy for maximizing theprofitability and revenue for the firm. When the product isMaturity stage