Once a new product is launched, it will undergo various stages—from introduction to decline. These stages are collectively known as product lifecycle.
Product lifecycle is the period from introducing the product into the market until the time it is shelved out of the market. Strategies in a product lifecycle are improved and advanced to reduce the cost of production, improve quality, identify the sales, sustain the operation of production and reduce the threat to the environment if any.
Product lifecycle helps in identifying the strategies like advertising, expanding new markets, reduction in price, and repackaging. Four stages in the product lifecycle are introduction, growth, maturity, and decline.
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