Question

Explain key aspects of product management and positioning through the product life cycle

Answer 1

37 degree Celsius how much I love you DiscoveryProduct life cycle can be define as a cycle in which a product went through introduction to its declination towards the society.

4 stages of product life cycle are as follows-

Introduction

In this stage product is introduced to the market for making a for making an identity and setting up a brand unique selling point.

Growth

As a deman You just wanted you don't want my heartd for the prodPage Industriesucts increases, product enters in the growth cycl oil. As a demand is increased the overall production cost of the product decreases and high profits are generated. Competitors will enter at this point.

Maturity

Product start being bored by so many customers it enters the majority lifecycle. In this stage companies start looking for new opportunities to adopt better Innovation and implementation of the product.

Decline

At this stage the products overall importance started to watch out from the market. This can happen naturally but also very much affected by the new and innovative products.

Some products which have pass through all four stages on the international Product life cycle are as follows.

• Typewriter

• CDs

• Video cassette

Product life cycle is vastly used in products related to the technology. These products are directly working on the concept of the product life cycle. Most of the technology related products go through the introduction and then the growth begins and they reach the maturity point. After reaching to maturity. And staying there for a while finally the product comes to decline stage.

In technology related products, sudden changes in the technology makes them follow all the four stages of the product life cycle and without the product life cycle process a product cannot be introduced into the market.

By implementing the product cycle management system into the organisation, an organisation can easily increase with slogan in productivity and efficiency.