Some features of product life cycle are:
- It outlines stage-wise product movement clearly so firms can decide suitable actions at every stage.
- It highlights shifts in buyer interest so marketers can refine communication clearly.
- It tracks movement in sales volume so firms can adjust production plans.
- It shows shifts in market competition so companies can adjust brand position.
- It indicates the need for improvement so brands can sustain the product’s lifespan.
You might also like characteristics of product life cycle so check it out for more information.