Aug 3, 2021 · On this basis, therefore, it is referred to as the product life cycle (PLC). The concept of the PLC is used to support decision making in the management of product development.

A product has a life of its own and goes through cycles. Although different products have different types of life cycles, the traditional product life cycle for most products is shown in Figure 1.

The Product Life Cycle concept as a tool of product planning has had its share of criticism as well as support, Let us look at some empirical evidence in this context.

Objectives Outline Describe the stages of the product life cycle and how marketing strategies change during a product’s life cycle. Discuss two additional product issues: socially …

Tying It All Together: The lesson introduces the concept of a Product Life Cycle and its uses for marketing. Though the typical life cycle does not hold true across all products, the concept is …

Ensure a more efective lifespan for your product with lifecycle management that starts at the beginning in the product design and development stage and continues through the end of life. …

This model divides the life of a product in four stages; these stages constitute the life span of a product. The first stage is the introduction, where the product is designed, manufactured, and …

It is a concept designed by management and marketing experts to factor in checking when it is the right time to enhance marketing strategies, minimise product prices, tap into different markets, …

Figure 1 shows that of a product move through the four stages namely introduction, growth, maturity and decline. Sales, volume and profitability of the product changes from stage to …

Product Life Cycles (PLC) The course of a product’s sale and profit over it lifetime.It involves five distinct stages:product development,introduction,growth,maturity,and decline.