What is Product Life Cycle
All product are believed to have a particular life span which is known as product life cycle. Like human being all product have certain length life during which they pass through certain identifiable stages.The product life cycle is a conceptual representation of a product ageing process.As a life of a human being can be divided in four stages be childhood, youth, young and old age in the same manner life of the product can be also be divided into four stages namely
- Introductory Stage
- Growth Stage
- Maturity Stage
- Decline Stage
Definition
According to arch Patton is akin to human life cycle from several angles like a man the product takes birth, rapid growth attains maturity and then enters the decline stages.
