Specifically, the following critical elements must be addressed:
III. Life Cycle: In this section, you will discuss the life cycle of your business product, service, or other idea from your business plan in the Marketing and Strategy course. Specifically, you should:
a) Describe the life cycle of the business idea. Focus your response on the future of the business idea, specifically on its growth and eventual decline.
b) Assess the profit generation and cost-saving opportunities associated with the business idea based on the life cycle you described. Your assessment should be supported with rationale.
c) Determine a phase-out plan for your business idea that ensures a sustainable solution that makes way for future innovation and profit streams.
Ensure that you justify the steps in your plan.