product life cycle administration
False. Product life cycle administration requires totally different methods in numerous levels to make sure gross sales proceed to rise. There are 4 levels {that a} product goes by because it strikes by its life cycle: the introduction stage, the expansion stage, the maturity stage, and the decline stage (Baldwin & Clark, 2016). In the course of the stage of introduction and progress, an organization ought to place their main concentrate on encouraging buyer trial, establishing a community of distribution channels, and growing product consciousness amongst potential clients (Lamb et al., 2016). When an organization has reached the maturity stage, its priorities ought to shift to making sure continued profitability, competing with respect to cost and options, and increasing its product choices. When an organization is within the decline stage of its life cycle, it wants to focus on reducing prices and managing buyer relationships (Kotler et al., 2018). Due to this fact, with a purpose to assure that gross sales will proceed to rise, the methods which might be utilized to handle merchandise all through the product life cycle should be tailored for every stage. Cont…
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