The product life cycle concept is valuable tool that is used for analysis and interpretation of the market dynamics. Product life cycle concept assists decision makers in planning and strategy formulation for their products according to the stages in the life cycle.
In spite of its unquestionable usefulness in decision making, it has following limitations:
1. The product life cycle is a theoretical concept and difficult to implement in real life in relation to a specific product.
2. The life cycle patterns for various products differ to a large extent and a generalization is not possible.
3. It is difficult for the decision maker to find out the exact location of their brands in the product life cycle.
