The product life cycle happens to every product or service out there. Sometimes, it happens very slowly for some, others the life cycle can be very fast. Either way, its very important for a business to identify and know where its product is in the life cycle for the product to be a success.
Firstly, what is the product life cycle?
The product life cycle is a theoretical model which describes the stages a product goes through.
It's really that simple: its what the product goes through in its lifetime.
Now, there are six stages in the product life cycle:
Research and product development
Rejuvenation or Termination
This theory on what a product goes through can be applied to a product, category, style, brand or model.
Now, when analysing the product life cycle, focus on how it affects net cash flow, profit and marketing strategy. Here you can analyse the implications each stage has.