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Product life cycle (Essay Sample)

********** WRITER Ernie ONLY *********** I want to paraphrase this attachment , ( max 500 words). please, I'd to receive it as the same style as the document above " in the attachment" source..
Product life cycle
Product life cycle is the sequence of stages that a product passes through in its life. Just like human beings have stages in their lives which include: birth, growth, maturity, decline and death a product also passes through different stages in its life. The stages include introduction, growth, maturity and decline. Each stage impacts the market differently leading to a change in the market mix and strategy used to market the product. The life cycle portrays that:
The product has a limited life
The product has to pass through different stages that are problematic and challenging to the seller but they also pose different opportunities.
The product also requires different strategies in terms of marketing, purchasing, human resource, financing and manufacturing in every stage.
The product lifecycle can be represented in terms of profits and sales. In the first stage called product development, the profit is zero as there are no sales and the investment costs increase. In the second stage namely introduction of the product in the market, the growth of sales is slow and the cost of the introduction is high thus there are no profits at this stage. In the growth stage, the profits increase as the product gains acceptance in the market. The maturity stage which is the fourth stag...
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