Evaluate The Usefulness Of The Product Lifecycle To A Firm Essay

In this essay I will look at the advantages and disadvantages of using a product lifecycle, as well as evaluating the usefulness of such a simulation to a warm.The Product Lifecycle is a portion of the portfolio analysis, in which a securely can analyse the organize ups in a products life. It is a model used to aid with decision making in a firm, and part of the marketing planning process. The shape and length of the lifecycle varies with the different products, as individually one is unique. The different stages are launch, growth, maturity, saturation and decline.How useful is the Product Lifecycle?. on that point are several different uses it holds to a firm. Managers use it because it noblelights the need for a firm to change its marketing policies at the different stages of a products life. It then aids them in planning out their marketing strategies.A firm might draw out a Product Lifecycle to identify the stage at which its product is at in the lifecycle, from ther e they can dissolve what to do to keep the product alive or to maintain high sales.The Product Lifecycle can be used as an aid to set budgets within a firm as well. For example, if a firm produces a product lifecycle for a product and identifies the stage it is in, this can set budgets for its marketing/promotion department, its production department and its distribution department. For example if a firm sees that its product is still in the growth stages of the lifecycle, they are going to bring on to invest a lot of money in its development (...