Usefulness of the the product life cycle theory

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Usefulness of the the product life cycle theory

“The product life cycle theory has many flaws, but it is still useful”. Explain this
statement. What are the “many flaws” in the product life cycle theory? If the
theory has many flaws, how can it still be useful?
Please ensure that at least 20-25 references of academic journals, papers, reviews and other literature is used.
Please ensure a focus on critical analysis, arguments and their counter points.
The answer should focus on different academic viewpoints and give opinion throughout using evidence

Product life cycle (product life cycle), also known as “commodity life cycle”. It refers to the entire movement process of the product from preparing to entering the market to being eliminated and exiting the market. It is determined by the production cycle of demand and technology. It is the economic life of a product or commodity in the market movement, that is, in the process of market circulation, due to changes in consumer demand and other factors affecting the market, the cycle of the commodity turning from prosperity to decline. It is mainly determined by changes in consumers’ consumption patterns, consumption levels, consumption structure and consumer psychology. It is generally divided into four stages: the introduction (entry) period, the growth period, the mature period (saturation period), and the decline (decline) period. 

1. The product life cycle defined by marketing is: introduction, growth, maturity, and decline. This can no longer summarize the entire process of the product life cycle. Just like the life cycle of a person is definitely not the process from birth to ground to death. We define these four stages as: product market life cycle.
2. With the rise of PLM software, the product life cycle begins to include demand collection, concept determination, product design, product launch and product market life cycle management. Just like the human life cycle, the parent’s preparation and pregnancy process and the process of childbirth also define the human life cycle.
3. Many excellent companies in modern times feel that the above two life cycles cannot fully summarize the product life cycle. Based on the concept of product management, the product life cycle is summarized as: product strategy, product market, product demand, product planning, product development, product launch, product delisting life cycle management 7 parts.

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