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Describe the product life cycle.

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I) Introduction stage - this is the first stage in the life of a product. This period requires greater investment and it is characterized by lower profit because of heavy advertisments and sales promotion.These are necessary in order to stimulate to demand

II) Growth stage - during this stage, sales will increase rapidly as a result of the effort of advertising over the initial stage.This leads to increase in profits.

III) Maturity stage - sales continue to increase but at a lower rate.The profit increases to the maximum,then start falling

IV) Decline stage- during this stage, the competition becomes more severe. Customers go for newer and better products and at this stage the product cannot stand in the market and the firm withdraws it from the market

Wincate 1 answered the question on October 5, 2017 at 18:43

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Describe the product life cycle.

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