How can product lifecycle management be used to schedule future production expansion and marketing initiatives?

Competition plays a significant role in the product life cycle. It influences the stages of introduction, growth, maturity, and decline. During the introduction and growth stages, a product might face competition from similar products, which can affect its market share and growth. In the maturity stage, competition intensifies as the market becomes saturated, leading to price wars and increased marketing efforts. In the decline stage, competition, along with factors like market saturation and changing consumer preferences, can lead to a decrease in sales and eventually phase-out of the product.

A product can stay in a maturity state for a long period of time by continuously adapting to market changes and customer needs. This can be achieved through product improvements, market segmentation, price adjustments, and promotional strategies. It's also important to maintain a strong brand image and customer loyalty. However, it's crucial to note that all products will eventually phase out due to factors such as market saturation, competition, shifts in trends, and decrease in demand and sales.

Several factors can lead to a product phasing out of the market. These include market saturation, where there are too many similar products, leading to decreased sales. Increased competition can also lead to a product's decline, as competitors may offer better or more innovative products. Shifts in trends can make a product obsolete if it no longer meets consumer preferences. Lastly, a decrease in demand and sales can lead to a product phasing out, as it becomes unprofitable to continue producing and marketing the product.