Realistically, certain lifecycles are experienced in all products and services. The term life cycle refers to the period between products/service first launch into the market to the products or service final withdrawal. During a products or service life cycle, significant changes may be experienced depending on the behavior of the product in the market and the marketing objectives. An increase in profits is always the major objective or goal for an organization that is introducing a new product in the market, therefore, management of a product life cycle is very important. Technology is improving and developing every day and therefore new products tend to mature with the growing technology. The occurring change in technology life cycle has a unique reflection on the buyers especially with electronics.
