An explanation and description of the concept known as a product life cycle (PLC) in business.
All new products or product ideas progress through a life cycle, a Product Life Cycle (PLC). This paper explains that a PLC is used by managers as a strategic tool to help them develop a marketing approach for the new product as it goes through changes in the four distinct stages of introduction, growth, maturity, and decline.
“The first stage is Introduction, or the introductory phase, a very difficult stage for organizations (marketing managers). Assuming that the organization found a marketable product, before it can begin to sell it in the market, it has to develop a marketing strategy that will validate the marketability of the new product. To accomplish this, organizations usually experience losses; they spend a lot of money for product promotion and product development. They have to enter the market understanding that customers are not looking for the product. Hence, it is up to them, the marketing managers, to persuade the potential consumers of the product’s benefits and advantages over current offerings.”