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WhatIstheProductLifeCycle?Theterm"productlifecycle"referstotheperiodfromwhenaproductisintroducedtoconsumersinthemarketuntilitisremovedfromtheshelves.Thisconceptisutilizedbymanagementandmarketingprofessionalstodeterminewhentoincreaseadvertising,reduceprices,enternewmarkets,orredesignpackaging.Theprocessofstrategizingwaystocontinuouslysupportandmaintainaproductiscalledproductlifecyclemanagement.KeyTakeaways:-Aproductlifecyclerepresentsthedurationfromaproduct'sintroductiontoitsremovalfromthemarket.-Theproductlifecycleconsistsoffourstages:introduction,growth,maturity,anddecline.-Companiesoftenincurhighermarketingcostsduringtheproductintroductionphasebutexperienceincreasedsalesasproductadoptiongrows.-Salesstabilizeandpeakduringthematuritystage,althoughcompetitionandobsolescencecanleadtodecline.-Theconceptoftheproductlifecycleinformsbusinessdecisions,includingpricing,promotion,expansion,orcost-cuttingstrategies.
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