Product Life Cycle
The Product Life Cycle (PLC) describes the stages a product goes through from its launch to its decline in the market. It includes four key phases: Introduction (where the product is launched and awareness is built), Growth (where sales and demand increase), Maturity (where sales peak and competition intensifies), and Decline (where sales and interest diminish). Understanding the PLC helps businesses manage marketing strategies and production effectively, ensuring they can adapt to changing consumer preferences and market conditions throughout the product's lifespan.
Additional Insights
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The product life cycle describes the stages a product goes through from its introduction to its decline in the market. It typically includes four key phases: Introduction (when the product is launched), Growth (where sales increase as more customers adopt it), Maturity (when sales peak and competitors enter the market), and Decline (when sales decrease due to competition, changes in consumer preferences, or other factors). Understanding this cycle helps businesses strategize marketing, manage inventory, and make decisions about product updates or discontinuation.