Introduction
All products and services have
certain life cycles. The life cycle refers to the period from the products first launch into the market until its final withdrawal and it is split up in phases.
During this period significant changes are made in the way that the product is behaving into the market i.e. its reflection in respect of sales to the company that
introduced it into the market. Since an increase in profits is the major goal
of a company that introduces a product into a market, the products life cycle management is very important. Some companies use strategic planning and
others follow the basic rules of the different life cycle phase that are
analyzed later.
The understanding of a products life cycle, can help a company to understand and realize when it is time to introduce
and withdraw a product from a market, its position in the market compared to
competitors, and the products success or failure.
For a company to fully understand
the above and successfully manage a products life cycle, needs to develop
strategies and methodologies, some of which are discussed later on.
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