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.
- 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.
This is when the product or service is put on sale,…