Describe waht is Product life cycle and explain its stages.

In today's world, where market is unpredictable, strategies play crucial role in defending a firm's product position. "The main reason why companies must continually develop new products is because products have life cycle", (Bittel, 1980). Just as operation managers must be prepared to develop new products, they must also be prepared to develop strategies for both new and existing products. First and foremost, before proceeding into the product life cycle strategies, lets define what a product …

…should also predict on how long the product is expected to linger in that stage. Such thinking is very important for setting up strategies such as let say, if the product is expected to remain the maturity stage for a long time; a replacement product might be introduced later in the maturity stage. On the other hand, if the maturity stage is expected to be short, however, a new product should be introduced much earlier.