what does the product life cycle tell us about products and services .?

Question

i am knew to marketing and i am struggling please help

Answer 1

The product life cycle is modeled as a demand curve or supply curve that is typically bell shaped. In the beginning the demand/supply is low, prices are highest. As the product gains acceptance the demand and supply increase, tend gradually downward. Late in the life-cycle the product demand decreases, prices may decrease for a while and either stabilize or increase if supply is low.

This model tells us that products generally have a predictable demand and supply relationship over time. While product life cycle times vary, the basic shape is consistent over a broad range of products.

My definition of products includes services. Services have a different price curve, though, since the cost basis is people's time.

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