Some characteristics of product life cycle are:
- Product life cycle tracks a product’s stages over time so businesses can plan actions for each stage.
- It shows shifts in customer demand so marketers can adjust messaging.
- It highlights changes in sales levels so firms can manage production.
- It reflects evolving competitive pressure so companies can refine positioning.
- It signals when updates are needed so brands can extend product life.
- It shows how costs change across stages so businesses can plan budgets effectively.
- It reflects how profits shift over time so managers can set realistic financial expectations.
- It indicates the product’s market maturity so firms can decide when to diversify offerings.
- It reveals decline patterns clearly so companies can choose suitable withdrawal or harvesting actions.