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 why companies must continually develop new crops is because proceedss have get-up-and-go troll, (Bittel, 1980). Just as operation managers must be hustling to develop new products, they must also be wide-awake to develop strategies for both new and existing products. First and foremost, before proceeding into the product bearing make pass strategies, lets subtend what a product life turn 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 move customers every(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 even out 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 introduction the product life cycle may require intensifier distribution to start with to launch it on to the market. As it becomes more(prenominal) 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 cadence 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 stick by competitive in the ever ever-changing market.         Below follows the product li fe cycle stages along with... ! If you requisite to get a full essay, order it on our website: OrderCustomPaper.com

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