Product Life Cycle AKA P.L.C.

Product life cycle (PLC) is a process used by marketers to describe how a product is released, priced, promoted, and distributed over its lifespan. It is the evolution of a product from its initial launch, to a replacement for the original product, or removal from the market. The product life cycle consists of four stages – introduction, growth, maturity, and decline. Each stage requires different marketing strategies and tactics to help keep a product competitive in the market. It is important to understand the product life cycle to ensure that marketers are able to accurately anticipate customer needs and plan their marketing activities accordingly.