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Product Lifecycle  
Level
Associate
The term 'product-lifecycle' is an important conceptan idea in business. It describes the stagessteps or phases a product goes through from creation to declinegradual decrease. It's almost like watching a movie about a product's life from the start to the end.
Context
Business
In the context of Business Strategy, 'product-lifecycle' helps in assessingevaluating product viabilityability to succeed. An executive might comment, 'Given the current market trends, our smartphone's product-lifecycle is nearing its decline stage.'
In Marketing, understanding the 'product-lifecycle' aids in effectively devisingplanning marketing strategies. A marketing manager might proposesuggest, 'Given that our product is at the maturity stage of its product-lifecycle, we need to explore new markets.'

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