Answer the below question Please write in your own words mi...

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Answer the below question  Please write in your own words minimum 500 ...

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The product life cycle has 4 very clearly defined stages eachwith its own characteristics that mean different things forbusiness that are trying to manage the life cycle of theirparticular products Introduction Stage This stage of the cyclecould be the most expensive for a company launching a new productThe size of the market for the product is small which means salesare low although they will be increasing On the other hand thecost of things like research and development consumer testing andthe marketing needed to launch the product can be very highespecially if its a competitive sector Growth Stage The growth stage is typicallycharacterized by a strong growth in sales and profits and becausethe company can start to benefit from economies of scale inproduction the profit margins as well as the overall amount ofprofit will increase This makes it possible for businesses toinvest more money in the promotional activity to maximize thepotential of this growth stage Maturity Stage During the maturity stage theproduct is established and the aim for the manufacturer is now tomaintain the market share they have built up This is probably themost competitive time for most products and businesses need toinvest wisely in any marketing they undertake They also need toconsider any product modifications or improvements to theproduction process which might give them a competitiveadvantage Decline Stage Eventually the market for aproduct will start to shrink and this is whats known as thedecline stage This shrinkage could be due to the market becomingsaturated ie all the customers who will buy the product havealready purchased it or because the consumers are switching to adifferent type of product While this decline may be inevitable itmay still be possible for companies to make some profit byswitching to lessexpensive production methods and cheapermarkets There are several alternative strategies available for handlingthe decline stage appropriately Milking or Harvesting When this strategy is used theproduct receives only little or no marketing support The firm aimsto maximize the life of the product while generating the cash andthe time required to establish new products In ....

Answer the below question: Please write in your own words minimum 500 words limit 1. Discuss two...

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Operations Management

Answer the below question:
Please write in your own words minimum 500 words limit
1. Discuss two of the phases of the product/process life cyclethat you feel are most important? Explain your reasoning withexperience and at least two references.

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