Goals are achieved. Product life cycle management aims to reduce time to market, improve product quality, reduce prototyping costs, identify potential sales opportunities and revenue contributions, maintain and sustain operational serviceability, and reduce environmental impacts at end-of-life.
What is the main purpose of product life cycle?
The life cycle of a product helps inform business decision-making, from pricing and promotion to expansion or cost-cutting. Older products are pushed out of the market by newer ones.
What are the main objectives of the introduction stage of the product life cycle?
The product is promoted during the introduction stage to create awareness. The firm wants to increase market share and build brand preference. During the maturity phase, the primary goal is to maximize profit and defend market share.
Why is it important to analyze product life cycles?
The product life-cycle is used by a lot of people. It provides guidance for developing strategies to use the best stages of a product’s life and promotes the overall success of the product in the marketplace.
How do you analyze product life cycle?
The S-shaped curve shows the sales history of a typical product. Growth, maturity, and decline are the four stages of the curve. This is the introduction stage. The product is introduced in the market and this stage has slow sales growth.