The term "product life cycle" refers to the time between when a product is introduced to the market and when it is taken off the shelves. A product's life cycle is divided into four stages: introduction, growth, maturity, and decline. Management and marketing professionals use this concept to determine when it is appropriate to increase advertising, lower prices, expand into new markets, or redesign packaging. Product life cycle management is the process of planning ways to continuously support and maintain a product.

Onix Samuel

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