product design
Q1 WHAT IS PRODUCT LIFE CYCLE 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 mentioned above, there are four generally accepted stages in the life cycle of a product—introduction, growth, maturity, and decline. Introduction: This phase generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits. Growth: If the product is successful, it then moves to the growth stage. This is characterized by growing demand , an increase in production, and expansion in its availability. Maturity: This is the most profitable stage, while the costs of producing and marketing decline. Decline: A product takes on increased competition as other companies emulate its success—sometimes with enhancemen...