Product Life Cycle (PLC)
A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
The concept of the product that passes through changes in its total life known as Product Life Cycle (PLC) is based on the following facts:
Product has a limited life
A product sale passes through distinct stages
Profits rise and fall at different stages of Product Life Cycle (PLC)
Products require different marketing, financial, manufacturing, purchasing and
Human resource strategies in each life cycle stage.