How Does Product Life Cycle (PLC) Work?
The Product Life Cycle (PLC) tracks a product’s journey from introduction to decline. Before launch, a product goes through design and development. The PLC itself begins when the product hits the market (introduction). Here, marketing is key to building awareness and overcoming initial resistance. If successful, the product enters a growth stage with rising sales and brand recognition. Marketing efforts may shift to maintaining momentum. Eventually, the market becomes saturated (maturity). Competition intensifies, and companies may focus on cost-efficiency and product improvement. Finally, sales decline (decline), and the product may be withdrawn or replaced with a newer innovation. Understanding the PLC helps businesses tailor strategies for each stage, maximizing profits and a product’s lifespan.
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