A level Business Revision - Product Life Cycle
Free
14 minutes
English

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Description

The product life cycle is a model that describes the stages a product goes through from development to decline. It's divided into different phases, each with its own characteristics and marketing strategies. The first stage is research and development, where the product is created and tested. This is followed by the introduction phase, where the product is launched and marketed to consumers. As the product gains popularity, it enters the growth phase, where sales increase rapidly. In the maturity phase, sales stabilize, and businesses may adjust their marketing strategies to maintain market share. Eventually, a product reaches the saturation phase, where sales plateau, and in the decline phase, sales start to decrease. Understanding these stages is crucial for businesses to make informed decisions about pricing, promotions, and other marketing strategies. learn more

Professions

Supply Chain Manager Strategic Planner Research Scientist Product Manager Product Developer Operations Manager Market researcher Marketing specialist Financial Analyst Executive Entrepreneur Data Analyst Business Manager

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