Marketing

product life cycle (PLC) refers to the stages a product goes through from its introduction to the market until its eventual decline and withdrawal. The PLC concept helps businesses understand the various phases of a product's existence and enables them to develop appropriate strategies and make informed decisions at each stage. The traditional product life cycle consists of four main stages: introduction, growth, maturity, and decline. Introduction: This is the initial stage when a new product is launched into the market. Sales are typically low, and the focus is on creating awareness, generating demand, and building distribution channels. Companies often incur high costs during this phase due to research and development, marketing, and initial production expenses. Growth: In the growth stage, the produYhect experiences a rapid increase in sales as consumer awareness grows and demand expands. Profits begin to rise, and competition intensifies as more competitors enter the marke...