Product Life Cycle

Business Studies – The Product Life Cycle Notes

The product life cycle traces the sales of a product over its life. The typical path for a product can be divided into five stages.

1. Research and Development
   During this stage the basic idea is developed and tested. This can be expensive for a firm and no revenue is being generated. The length of the research and development process will vary depending on the product. Some products never get beyond the development stage.
   
   
2. Introduction
   This is when the product or service is put on sale,…