Mr. Vishal Tiwari, the CEO OVP enterprises wanted to produce Seamco (a fitness shake) for this, he undertook research and development. In accordance to the market survey and feasibility study conducted by OVP enterprises, the idea was determined to be feasible and potentially profitable, the product was produced, marketed and rolled out. The product became successful, its production eventually grew and the product became widely available. Eventually, the demand for the product declined and became obsolete. Which of the following concept is highlighted in the above case?
Product life cycle
Economies of scale