Product Life Cycle (PLC)

A new product progresses through a sequence of stages which is called PLC. These changes have a great impact on marketing strategy. It has four stages.

Introduction:
In this stage, a firm developes a market for the product and its purchase.

Growth:
In this stage, the product increases its market share.

Maturity:
In this stage, sales growth slows down.

Decline:
In this stage, the product sales decline.