What is meant by products life cycle? What is importance of product life cycle? What is product life cycle strategies? Why do marketers need to know about the product life cycle strategies? A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product's life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. As sales and profits decline, some competitors will withdraw from the market. Also for the decline stage, careful selection of product life cycle strategies is required. The reason is that carrying a weak product can be very costly to the firm, not just in profit terms. There are also many hidden costs. What is the significance of the product life-cycle? It specifies four individual stages of a product's life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace. So, it is essential that we need to know about the product life cycle, right? Let’s learn more about the key concepts of product life cycle, shall we?

Adarsh S

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