MANA 298 Lecture Notes - Biological Life Cycle, Marketing Mix, Online Banking
Document Summary
Everyone would agree on the fact that success or failure of an organization depends mostly on its products. A product would not remain on the market forever, just like human beings; products also have a life span or life cycle. Finally death which would be withdrawal for the product. Therefore it can be said that the product life cycle is the different stages in which a product passes from its introduction till its withdrawal on the market. The above explanation shows why the product life cycle is based upon the biological life cycle. So, a product consist mainly of 6 stages, which are mainly the development stage, the introduction stage, the growth stage, the maturity stage, the decline stage and the withdrawal stage. Profitability is determined by selling a product, therefore product life has a direct relationship with profit of the organization. In the following diagram shows us that at different stages, the profit of the organization would vary.
