life cycle of a product
Definition
Marketing concept that, like people and living organisms, goods and services pass through a cradle to grave cycle of progression through their life span. While different products have distinctly different patterns of demand, almost every one of them passes through the stages of introduction, growth, maturity or stagnation, and decline or death. This view dictates the need for continuous efforts for new product development.
life cycle of a product is in the Advertising, Marketing, & Sales subject.
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