Business

4 Phases of your Product: Product Lifecycle

The concept of the product lifecycle is a tool to measure the marketing world. Products are like human beings. They are born, they grow, they reach maturity and then they enter their old age, enter the declining stage and they die. Hence, by adapting and using the product lifecycle, marketers can acquire the knowledge and understanding they need of how to make a product work on the market. Let’s begin by discussing each of these phases.