The Product Life Cycle Model - Simplest Explanation ever

The video explores the product lifecycle model, a tool for devising marketing and sales strategies by plotting a product's sales over time. It details the stages of a product's lifecycle: introduction, growth, maturity, and decline, and discusses strategies for each stage. Examples from Nokia and Samsung illustrate the model's application. The video also addresses criticisms of the model, particularly its difficulty in predicting the length of maturity stages and its limitations with FMCG products.

Discuss the importance of forecasting sales trends in relation to the product lifecycle model.

How does the product lifecycle model help businesses in their marketing strategies?

What factors can lead to a product entering the decline stage?

What challenges do companies face when predicting the length of the maturity stage?