False. A product's life cycle, from conception through discontinuation, is described. It is a strategy tool that aids businesses in making plans for the creation of new goods as well as improving current ones.
The phrase product life cycle describes the period of time between the introduction of a product to the market and its removal from the shelves. Management and marketing experts utilize this idea as a decision element when determining whether it is suitable to enhance promotion, lower pricing, enter new markets, or change packaging. Product life cycle management is the process of planning out how to consistently support and sustain a product. An concept becomes a product, but under the constraints of contemporary business, it is unlikely to advance until it has undergone research and development (R&D) and been determined to be practicable and possibly lucrative. The product is then created, advertised, and launched.
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