 Welcome learners, this is the third video lecture for the unit concept of product and this is for BBA second semester marketing management program. First we will go to the up line of this presentation. After going through this video lecture, you will be able to define the meaning of product lifecycle. Then I will be able to explain the product lifecycle concept and we will be able to describe the stages of product lifecycle and then at the end we will discuss different factors which affects the product lifecycle. So first we should go to the concept of product lifecycle. Every product passes through certain different or distinct stages during its lifespan. As we human like from the time of our birth till our death we passes through different stages likewise product also passes through different stages. Hence the term product lifecycle concept denotes the stages through which a product passes from its introduction to the market and till its disappearance like when the product becomes obsolete from the market. So in this diagram I have shown what are the different stages of product lifecycle like first it introduces in the market then it grows then at the point it reaches the maturity stage and then slowly it started declining from the market. So first we should know what are the factors which influences in this product lifecycle. There are number of factors which affect the product lifecycle. The main factors affecting the product lifecycle are one is your rate of technological changes. Nowadays technology is changing very fast and because of which like products also becoming obsolete very fast. Earlier the lifespan of products was longer compared to recent stage. Then next is your rate of market acceptance like if a product gets accepted in the market quickly then maybe like its lifecycle will vary compared to the product which gets accepted in the market slowly. Then another point is your case of competitive entry like in the lifecycle of the product how the competitors are doing their role. If there are much competition then what companies need to do they need to upgrade their product quickly to meet the competition and as a result the lifecycle of the product will be shorter. And then economic forces also influences in the lifecycle of the product. Then protection by patent if the company has the patent for their product then the lifecycle of the product will be longer compared to unpatented products. And then personal strategies like different companies will have different strategy and that also influences in the lifecycle of a product. So basically in this video lecture we have discussed about the lifecycle of a product how it passes through from the stage of introduction till the stage of when it becomes obsolete. So in this video lecture we have discussed the product lifecycle which helps marketers in deciding correct strategy for the product. Product lifecycle concept denotes the stages through which a product passes from its introduction to the market and till its disappearance from the market. There are certain factors which influences product lifecycle like technological changes for example if we consider the computers. We can see like how the first generation computer was then the second generation and now how it has transformed from desktop to laptop to palm top. So all these technological changes then competitors legal protection external forces all this has made the product lifecycle to vary. Like higher the technologies the lifecycle of the product may be shorter and shorter. Hope you have understood this video lecture and this is the end of your chapter 4 that is concept of product. I will see you again with another video lecture. Thank you.