The Product Lifecycle: Understanding and Extending Commercial Success

The video explains the product life cycle model, highlighting the stages of launch, growth, peak, and decline. It emphasizes the importance of business intervention to extend the product's successful phases. Strategies such as innovation, market expansion, and differentiation are discussed to delay the decline phase and maximize returns on investment.

What is the significance of the peak phase in the product lifecycle?

In what ways can businesses change their strategies to avoid reaching the decline phase?