What Are The Advantages And Disadvantages Of Product Theory
PRODUCT LIFECYCLE
This is a theory related to a product of the company first introduced in the 1950s. This theory was formulated to explain the expected life cycle of a typical product. It covers the entire lifecycle from the start to its ending, a period divided into the 4 phases of product. It includes introduction, product growth, maturity, and decline.
The main motive of this theory is to optimize the value at each stage of a product. It is a marketing theory. This process involves managing the whole lifecycle of a product, from its introduction , design, manufacture, service and disposal to its obscelescence. Product is an important part of a business and so, this is an important theory.
ADVANTAGES of the theory :
There are some advantages, it is mentioned below:
• Identifies the sale opportunity
• Enhances the businesses opportunity and grabs them.
• Helps to increase the sales
• Manages the fluctuations which occur seasonly.
• It improves the prediction.
• Reduced time to market
• Improved product quality and reliability
• Maximize supply chain collaboration
• Leads to optimization of a product.
• It is more accurate
• Generates the data fast and correctly
• Leads to reduction in wastes.
• It helps to increase the saving via integration of activities
Every product has a life. We as consumers desire for millions of products every year. A business comes in existence to provide service by selling goods. The product life cycle has 4 very clearly defined stages.So,
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