What are the stages of product lifecycle management and their significance in business?
Understand the Problem
The provided text outlines various stages of product lifecycle management, the three levels of products, different types of goods and services, and the importance of profitability and growth in a business context. It discusses strategies for establishing branding, responding to competition, and assessing market potential through SWOT analysis.
Answer
Introduction, growth, maturity, decline.
The stages of product lifecycle management are introduction, growth, maturity, and decline. These stages help businesses strategize marketing, production, and sales efforts effectively by understanding where the product stands in its lifecycle.
Answer for screen readers
The stages of product lifecycle management are introduction, growth, maturity, and decline. These stages help businesses strategize marketing, production, and sales efforts effectively by understanding where the product stands in its lifecycle.
More Information
Product lifecycle management helps businesses by allowing them to plan for each stage effectively, allocate resources, adjust marketing strategies, and make informed decisions to maximize profitability and product longevity.
Tips
Mistakenly assuming all stages last the same duration can lead to poor planning. Tailor strategies to the unique characteristics of each stage.
Sources
- Product Life Cycle Explained: Stage and Examples - Investopedia - investopedia.com
- What Is Product Lifecycle? 4 Stages + How to Manage Them - coursera.org
- Product Life Cycle Management Guide: What It Is & 4 Stages - theproductmanager.com
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