Here in that product life cycle, this will consist of 4 different stages and graph.
The following are the stages of product life cycles.
- Introduction stage.
- Growth stage.
- Maturity stage.
- Decline stage.
Graph Of Product Life Cycle Management
1. Introduction stage
This stage heart of that development of new products. In that introduction stage which can include total market size, product size because that product which can gives better profits.
Here during product designing, we have considered about the cost of that product, how much seasons is the product is running.
In this stage which can depend upon how you introduce your products into the market. So careful monitoring is required during product designing.
2. Growth Stage
As your product designing & introduction stage is over then. Then there may be the rapid growth of your product takes place these depend upon your product design stage.
If day by day growth takes place at that time the origination is on that profit. Hence due to those economic sales of that product are increasing.
Also profit margin as well as over all the amount of profit increases. So that origination which can easily more for new product designing.
3. Maturity Stage
Here in that maturity stage the product this can be established into the market.
The main duty of that origination is to maintain a better relationship between market & customers.
In that daily communication with customers and market and check the results of products. Our products customers are should happy or not.
4. Decline Stage
This is the most important stage. In this stage graph of decline, the stage should be exactly equal to that of maturity stage.
If that graph is going down at that time at that time then there should be sudden action required to recover that decreasing graph.
The name of that action which is known as CAP(corrective action plan).
During taken this action first see the situation why there is down of market takes place & then apply action over it.