Rich begger

Product Life Cycle is a theoretical concept which states that every product has a life cycle and it is mortal. As a human being, product is also born, grows lustily, mature and then decline. There may be varying periods of life spans for each product where some product might fail at the introduction stage itself and some lives for a longer period. The four stages by which a product passes are; introduction, growth, maturity and decline stage. This concept is used as a managerial tool to estimate the time required to recoup the investment made on the product. It helps to plan future marketing strategies.

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