Product decision relates to product strategy about quality, feature, style, and design of the product.
The product life cycle is the amount of time a product goes from being introduced into the market to the time it’s taken off the shelves.
Product development is the process of developing a new product or improving the existing one.
- Product decision helps develop a product strategy that will meet the need of the public’s demand.
- Product life cycle helps identify different stages of a product.
- Product development helps the expansion of companies or businesses about newly developed products.
- Product decision helps in meeting the expectations of the customer.
- Product life cycle helps in determining the strategy for a product concerning different stages.
- Product development helps companies and businesses stand firm in the market.
A decision regarding a product is an element of the ‘marketing mix. Hence, product decision, product life cycle, product development are all part of marketing. It helps in the firm establishment of a company or business in a market and helps in its growth along with the growth of the products.