The evolution of a product

All things whether biological or man made can be traced through a cycle of origin from birth to death. As it applies to products, it is known as product life cycle stages. Companies know and understand this so they can shape their market behavior and formulate marketing and business strategies. It is an advantage to executives to ensure they thoroughly understand this. It can help them to develop the most appropriate initiatives and to keep a watchful eye on how the market is progressing.