Business Studies Recap Day 10 - Product Life Cycle
On day 10 of the Year 12 Recap, we look at the product lifecycle.
The product life cycle is a neat way of representing the generic commercial phases that any product launched by a business is expected to experience. When a business initially launches a new product, the firm must respect the fact that it needs to allow time for the awareness of the brand and product to grow. If the business can support natural product growth with their own interventions, a product is expected to rapidly grow, and this is where the business can capitalise on the potential of their product. However, as much as businesses need to be aware of the growth trajectory of their product, it must realise that “every product has its day” and without innovation, a product is expected to suffer a drop in popularity.
Here Jack guides you through the revision slide on the product lifecycle: