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Management Studies

Question: Explain the concept of the product lifecycle. The product lifecycle outlines the stages a product goes through, including introduction, growth, maturity, and decline. During the introductory stage, marketers work to stimulate demand for the new product. New customers make initial purchases and repurchases of the product in the growth stage. Sales continue to grow during the maturity stage but eventually level off. In the decline stage, sales are reduced due to innovations or a shift in consumer preferences.

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Management Theories, Management Studies

Category:- Management Theories
Reference No.:- M92268199

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