What is the role of a life cycle in business?
The product life cycle is a business term that refers to the product's progression phase, from the product concept to the time when the product begins to show inevitable signs of retrogres. A similar example is the life cycles of the butterfly: the processes they go through start from fertilization to eggs, caterpillars, kufa and adults. Finally, the butterfly starts to show signs of wear until it die. Knowledge of different stages of life cycle, characters that need to be sought and expected can be compared to the life cycle of the product in business. In this case, the product or service and importance of this process includes the fact that it allows manufacturers and various businesses to assess the production phase, allowing it to apply the relevant marketing principles.
The role of the product of the product in the company in the company is its usefulness as a measure of the state of the product in the correlation with the expectation of consumers and manufacturers. For example, it helps to consider orAd product in the form of a smartphone that was launched. The phone is accepted with large expectations of consumers and so far considered the most innovative smartphone. As months progress, other telephone companies bring their own similar versions of the smartphone and reduce the dominance of a particular smartphone on the market. In addition, consumers already long for a smartphone that will offer more than possible.
smartphone manufacturers know they have to watch different indicators when the phone goes through different phases to know when the product will stop and introduce another updated version of the phone or new together. This knowledge gives phone manufacturers a strategic advantage of telephone company. It allows the company to get as much of the product as possible in terms of sales without losing a competitive advantage over other companies by allowing the product to survive its usefulness and possibly lose some customers to competitors with better products.
Another meaning of life cycle of life cycle in P PThe removal is that it allows society to focus on its marketing efforts based on the specific phase in which the product is in its life cycle. For example, a marketing campaign when introducing a product will vary for the type of marketing unit in the middle of the life cycle of the product in business. Knowing that this is an essential factor in formulating marketing strategies.