Product Life Cycle Theory

The product heart musical rhythm theory is used to gripe and analyze various maturity stages of products and industries. proceeds innovation and spreading influence long-term patterns of international trade. This term product career cycle was used for the first time in 1965, by Theodore Levitt in an Harvard Business Review article: Exploit the Product Life Cycle. Anything that satisfies a consumers need is c everyed a product. It may be a tangible product (clothes, crockery, cars, house, gad start outs) or an impalpable service (banking, health care, hotel service, airline service). Irrespective of the kind of product, all products introduced into the market undergo a common life cycle. To perceive what this product life cycle theory is all ab kayoed, permit us have a quick look at its definition. Product Life Cycle Definition A product life cycle refers to the time period between the launch of a product into the market till it is finally withdrawn. In a nut shell, product life cycle or PLC is an odyssey from newly and innovative to old and outdated! This cycle is split into quartette different stages which encompass the products journey from its entry to give out from the market.

Product Life Cycle Stages This cycle is based on the all familiar biological life cycle, wherein a set out is planted (introduction stage), germinates (growth stage), sends out roots in the ground and shoots with branches and leaves against gravity, thereby maturing into an adult (maturity stage). As the plant lives its life and nears old age, it shrivels up, shrinks and dies out (decline stage). Similarly, a product also has a life cycle of its own. A products entry or launching mannequin into the market corresponds to the introduction stage. As the product gains popularity and wins the trust of consumers it begins to grow. Further, with increase sales, the product captures enough market share and gets stable in the market. This is called the maturity stage. However, after some time, the product gets... If you want to get a full essay, order it on our website: Orderessay

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