The last phase of the product lifecycle pertains to the decline phase. This is the phase in which the market share of the product in the market starts to decrease at an increasing rate and other new entrants and competitors of the market attain a larger share of the market than the current business and its product.The revenue for the company from the sales of the product also decrease as the product becomes less popular amount the target markets resulting in loss for the company in the sales of the product. In such an instance the company either tries to extend the life of the product by changing its characteristics and adding more value to it. The other option available to the company is to pull the product form the market and stop to operations pertaining to the sales and the manufacturing and the distribution of the product.
The concept of the product lifecycle is used by the managers in the company to launch and conduct specific marketing strategies and change the marketing mix of the product in order to maximize sales and revenue in each of the different stages of the product lifecycle. This aspect of management is called the product lifecycle management.
These are excerpts of essays please place order for custom essay paper, term papers, research papers, thesis, dissertation, book reports and case studies.