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Unformatted text preview: p r o d uc t s - p r o du c t l i f e cyc l e We define a product as "anything that is capable of satisfying customer needs. This definition includes both physical products (e.g. cars, washing machines, DVD players) as well as services (e.g. insurance, banking, private health care). Businesses should manage their products carefully over time to ensure that they deliver products that continue to meet customer wants. The process of managing groups of brands and product lines is called portfolio planning. The stages through which individual products develop over time is called commonly known as the "Product Life Cycle". The classic product life cycle has four stages (illustrated in the diagram below): introduction; growth; maturity and decline Introduction Stage At the Introduction (or development) Stage market size and growth is slight. it is possible that At the Introduction (or development) Stage market size and growth is slight....
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- Spring '10