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Question
What is the product life cycle?
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Solution
The life cycle of a product is known as the product life cycle. It comprises introduction, growth, maturity and decline. After initial development, a product will be introduced in the market. Hopefully, its sales will grow and eventually the market will stabilise and become mature. Then, as new products are launched, sales for the original product will start to decline. This process is known as the product life cycle.
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- Explain the stage of the Company's Product Life Cycle mentioned in the paragraph with the help of a diagram.
- Name the service to be offered by the Company in the next phase. Explain any two characteristics of Services.
- Suggest any two modern ways of marketing the concept of a product. Explain.
Mention the various stages of 'Product Life Cycle'.
Explain the decline stage of the product life cycle.
Explain the abandonment stage of the product life cycle.
Explain the strategies to be adopted during the introduction stage of Product Life Cycle.
