Importance of Product Life Cycle
Product life cycle is an important tool for market forecasting, planning and control. Product life cycle is important in various ways. The situation of the product can be analyzed properly and changes can be made in order to increase profit. Some other important features are −
#Helpful in formulating a proper product policy, production and pricing.
#Helpful in modifying the marketing policy.
#Helpful to the marketer regarding competition.
#Cautions the management about the decline stage of the product.
Source: https://www.tutorialspoint.com/marketing_management/marketing_management_product_life_cycle.htm