Product Life Cycle Notes: Definitions & Explanations PDF | Download eBooks
Study Product Life Cycle lecture notes PDF with total quality management definitions and explanation to study What is Product Life Cycle?. Study product life cycle explanation with TQM terms to review total quality management course for online MBA programs.
Product Life Cycle Definition:
Product life-cycle concept demonstrates the need for developing new products by showing product design, redesign, and complementary product development on a continuum.
Managing Quality: Integrating the Supply Chain by S. Thomas Foster
Product Life Cycle Notes:
Product life cycle shows a series of phases of a product that it undergoes during its life. The phases or stages involved in a product life cycle are startup, growth, maturity and decline. When a product is designed, developed and entered in the market, it is in the startup phase. Startup phase is very short. The next phase is growth. After entering the market and the actual selling takes place, the product grows and tries to grab a unique position in the market. The product then enters into the maturity phase (3rd stage) where it makes the most money. It is the longest stage of the product life cycle. Finally, the growth rate declines and the product is no longer wanted. It is usually said that as soon as a product is developed, it is on its way to the decline.
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