What factors determine the length of product life cycle? He said, “The length of the product life-cycle is governed by the rate of technical change, the rate of market acceptance and the case of competitive entry.”
What means the length of the product life? A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.
Why some products have a short or long product life cycle? If barriers to entry (number of competitors, expenses, market size, technology) are low the product life cycle is more likely to be short. If they’re higher, making entry more difficult, you’re more likely to see an extended product life cycle.
How do you determine the life cycle of a product?
- Look for new products that have never been sold.
- Watch commercials and press releases announcing new products.
- Find products that were recently released which have rapidly increasing sales.
- Look at products that have enjoyed a level sales rate at its peak have reached the maturity stage of the life cycle.