Product life-cycle management

Product is the most important 'P' of the marketing mix All products go through a life cycle of development, introduction, growth, maturity and decline

Introduction Stage This stage involves introducing a new and previously unknown product to buyers Sales are small, the production process is new, and cost

production supervisor As the name suggests, product lifecycle management is the management of a product as it moves through the four stages mentioned above It

lost life The product life cycle is an important concept in marketing It describes the stages a product goes through from when it was first thought