Product Life Cycle and its Implication
Introduction
Project lifecycle management can be defined as series in planning as a manufactured goods pass in the course of its life cycle by the business organization. The product that is manufactured or created should be maintained as it passes through its series of stages in a condition in which it is sold. Product lifecycle management is very important in forecasting various strategies regarding that product such as when it is right time to advertise the product, when is the best time to reduce its prices, when to do innovation on the current product or develop new product or when to make new wrapping for the product(Stark, 2015). There are four stages that are involved in product lifecycle management: introduction stage, growth stage, maturity stage, and last, decline stage. These four stages have a great importance in product lifecycle management as it impacts in the manner in which it is advertised to the customers and common public. For example, there is a new product in the market that is to be advertised to the public, while an item that is supplementary along in its life succession should be separated from its rivals.
(I.C. RS 8195)