Define and Explain Product Life Cycle

The product life cycle is a process in which a series of steps is followed it starts from the introduction or the origin of the product next step is growth of the product and the it reaches to peak which is knows are maturity and if it could not survive at maturity than it goes down towards the declining stage.

A product must have maturity maintaining otherwise it will crash down. this means you need to create and increase the inertia with the heart efforts.

In the introduction stage or step the product of any company is introduced in the market, the complete knowledge regarding the features and facilities of a product is provided to the general public via marketing, so that consumer must have knowledge regarding the product so it can be attracted with its different features offered by the product, you need to tell and convince your customers what you are offering how your product can provide them satisfaction.

Once your product is well introduced in the market slowly graduate the product of your company will catch the growth, the product is well known to market commercialization of product has been tremendous your product’s name is enough than your product will uplift its reputation with the growth, in which there will be a certain increase in the sale of your product, demand of your product and increase in the profit as well.

Maturity is the peak for any product in which it enjoys high class good will and reputation in the market now you have taken your product in sky and the ratio of profit is increase day by day, the management need to increase the span of maturity in order to survive and maintained its maturity for longer period may be for unlimited time otherwise the product of you company will go down towards the declining position.

Although there is a tough competition in market specially in today’s era where each company has the latest technology and offers the luxuries and comfort in their product, with the use of latest technology they let the consumer know each and every knowledge of your product, it is very tough to maintain the maturity position and avoid declining position, but still you need to maintain maturity with tactics make the very special use of social media where now a days every individual is engaged you need to keep you customer busy with your product by offering them new fashionable trends.

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