What is called product life cycle

A product life cycle is a management tool that evaluates a product's journey from development to withdrawal from the market. As mentioned earlier, it includes four stages- introduction, growth, maturity, and decline.

What is product life called?

A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. There are four stages in a product's life cycle—introduction, growth, maturity, and decline.

Who defined product life cycle?

The term 'product life cycle' was first used in 1965 by American economist Theodore Levitt. In one of his articles, he used the management concept to explain to product managers and brand leaders how to successfully apply it to their business processes.

What is called life cycle?

life cycle, in biology, the series of changes that the members of a species undergo as they pass from the beginning of a given developmental stage to the inception of that same developmental stage in a subsequent generation.

What is the product life cycle example?

Here are a few product life cycle examples: The home entertainment industry is filled with examples at every stage of the product life cycle. For example, videocassettes are gone from the shelves. DVDs are in the decline stage, and flat-screen smart TVs are in the mature phase.