What is the lifecycle of a product?
An example of an AI chatbot conversation about the stages a product goes through from creation to retirement.
What is the lifecycle of a product?
The product lifecycle consists of several stages: development, introduction, growth, maturity, and decline.
Can you explain each stage in detail?
Sure! In the development stage, the product is created and tested. The introduction stage is when it is launched to the market.
What happens during the growth stage?
During the growth stage, sales increase rapidly as more customers become aware of the product and demand rises.
And what about the decline stage?
In the decline stage, sales begin to fall due to market saturation or changing consumer preferences, leading to potential discontinuation.
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