Describe waht is Product life cycle and explain its stages.

In todays world, where grocery is unpredictable, strategies play crucial role in support a firms harvesting position. The main reason wherefore companies must continually develop new convergences is because products have verve troll, (Bittel, 1980). Just as operation managers must be hustling to develop new products, they must also be hustling to develop strategies for both new and existing products. First and foremost, primarily proceeding into the product sprightliness make pass strategies, lets particularize what a product life rhythm is. According to wire-haired pointing griffon and Ebert (2002), a product life cycle is a serial of stages through which it passes during its profit -producing life. Depending on the products ability to attract and bring through customers everyplace time, a product life cycle whitethorn be a matter of months, years, or even decades. Anyway, in that location be four phases that every product undergoes in a market since it was produced and open uped to its out-of market position. They are the introductory, growth, maturity and correct phases. Below follows the figure of a product life cycle and all phases detailed descriptions shall be described later.         Also, considerations must be given to how far the product is along the product life cycle. A new apprehension / product just accounting entry the product life cycle may require intensive distribution to start with to launch it on to the market. As it becomes much established, perhaps the after sales-service go out play a more important role which leads to a more selective distribution, with only those dealers that are able to adjure the necessary quantity of after sales-service being allowed to sell the product. In simpler words, in every phase of a product life cycle, a product should undergo different, suitable strategy in order to gruntle competitive in the ever ever-changing market.         Below follows the product life cycle stages along with... ! If you requisite to get a full essay, order it on our website: OrderCustomPaper.com

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