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explain the meaning of product life cycle​

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Answer:

Ok what is the meaning of product life cycle-A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product's life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.

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Explanation:

  • A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product's life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.

  • Every product moves through a life cycle having five stages: introduction, growth, maturity, saturation, and decline (some authors include saturation into maturity). The life cycle gives the sales revenue and profit margin history of a product over a time frame.

  • The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher-Ohlin model to explain the observed pattern of international trade.

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