What is Product Life Cycle & Why it is important to understand lifecycle of product?
Product Life Cycle Explained Subscribe to our Youtube Channel Whenever a product is built, it goes through a lifecycle. For the product to become successful, the firm must understand the lifecycle of the product. What is a Product Life Cycle? Product Life Cycle describes how a product goes from the initial state of being introduced to the final state of being discontinued. Understanding the product lifecycle helps a business to gauge whether the product is a fit for the market or does it require a new direction. Why is it important to understand the lifecycle of a product? A product life cycle helps the business in the following ways: Expansion Strategy: The product life cycle helps a company to understand how each product sits with the company’s portfolio. For a product in the decline stage, the company will either create a strategy to revamp or revoke it. Resource allocation: A company decides how much resources - Manpower and Capital to allocate to a product depending on where