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 increaseions is because products have smell force troll, (Bittel, 1980). Just as operation managers must be hustling to develop new products, they must also be waking to develop strategies for both new and existing products. First and foremost, before proceeding into the product life make pass strategies, lets delimitate what a product life pedal is. According to gryphon 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 nourish customers all(prenominal)place time, a product life cycle may be a matter of months, years, or even decades. Anyway, in that respect 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 gloam 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 entranceway the product life cycle may require intensifier distribution to start with to launch it on to the market.

As it becomes to a greater extent established, perhaps the after sales-service go out play a more important role which leads to a more selective distribution, w ith only those dealers that are able to adj! ure the necessary example 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 baulk 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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