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1
What
Is
the
Product
Life
Cycle?
The
term
"product
life
cycle"
refers
to
the
period
from
when
a
product
is
introduced
to
consumers
in
the
market
until
it
is
removed
from
the
shelves.
This
concept
is
utilized
by
management
and
marketing
professionals
to
determine
when
to
increase
advertising,
reduce
prices,
enter
new
markets,
or
redesign
packaging.
The
process
of
strategizing
ways
to
continuously
support
and
maintain
a
product
is
called
product
life
cycle
management.
2
Key
Takeaways:
-A
product
life
cycle
represents
the
duration
from
a
product's
introduction
to
its
removal
from
the
market.
-The
product
life
cycle
consists
of
four
stages:
introduction,
growth,
maturity,
and
decline.
-Companies
often
incur
higher
marketing
costs
during
the
product
introduction
phase
but
experience
increased
sales
as
product
adoption
grows.
-Sales
stabilize
and
peak
during
the
maturity
stage,
although
competition
and
obsolescence
can
lead
to
decline.
-The
concept
of
the
product
life
cycle
informs
business
decisions,
including
pricing,
promotion,
expansion,
or
cost-cutting
strategies.
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Click to add new slide
What
Is
the
Product
Life
Cycle?
The
term
"product
life
cycle"
refers
to
the
period
from
when
a
product
is
introduced
to
consumers
in
the
market
until
it
is
removed
from
the
shelves.
This
concept
is
utilized
by
management
and
marketing
professionals
to
determine
when
to
increase
advertising,
reduce
prices,
enter
new
markets,
or
redesign
packaging.
The
process
of
strategizing
ways
to
continuously
support
and
maintain
a
product
is
called
product
life
cycle
management.
Key
Takeaways:
-A
product
life
cycle
represents
the
duration
from
a
product's
introduction
to
its
removal
from
the
market.
-The
product
life
cycle
consists
of
four
stages:
introduction,
growth,
maturity,
and
decline.
-Companies
often
incur
higher
marketing
costs
during
the
product
introduction
phase
but
experience
increased
sales
as
product
adoption
grows.
-Sales
stabilize
and
peak
during
the
maturity
stage,
although
competition
and
obsolescence
can
lead
to
decline.
-The
concept
of
the
product
life
cycle
informs
business
decisions,
including
pricing,
promotion,
expansion,
or
cost-cutting
strategies.
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