What is product life cycle (PLC).

[CALVINDOL]

The product life cycle is a model that describes the stages that a product goes through from its introduction to its decline. The product life cycle model consists of four main stages:

INTRODUCTION: This is the stage in which a new product is first introduced to the market. During this stage, the product is not yet widely known and sales are typically low.

GROWTH: During this stage, sales of the product start to increase rapidly as more and more consumers become aware of it. This is the stage where the company may invest to increase production, distribution, and advertising efforts.

MATURITY: During this stage, sales of the product start to level off as the market becomes saturated. This is the stage where the company may focus on maintaining market share and maximizing profits.

DECLINE: During this stage, sales of the product start to decrease as the product becomes less popular. This is the stage where the company may decide to discontinue the product or to reposition it in the market.

Futhermore, the length of each stage can vary depending on the product and the market. Some products may have a very short life cycle, while others may remain in the market for decades. The product life cycle model can be helpful for companies in understanding the different stages a product goes through, and in developing appropriate strategies to address the challenges and opportunities of each stage.

 

[TOZZIBLINKZ]

During my secondary school days I could remember vividly when we were taught about a product life cycle during our marketing and commercial class. Buy description and definition product life cycle refers to a methodology that persist or has it that a particular product have the same life cycle as that of a human being which include a beginning a middle and also an end. Basically that is the case when it comes to manufacturing products and making sure that it gets to the final consumer. Goods and services are being produced they have today in many manufacturing companies and industries possibly in the form of commercial goods and services or in the form of machinery and equipments including gadgets

For this goods and services to be efficiently produced they need to pass through the circle of production and for them to get to the final consumer they're still have to pass through the cycle of production. Products are definitely non-living things but to some extent they have processes in which they have been produced.

 

[Axis]

This is basically a methodology that has it that, a product or service have the same life possibility as well as the life situation of human beings in which it has a beginning a middle and an end. Practically that is basically the production process of a particular products or services and its ability to reach final and last consumers. Goods and services are being produced here after here in various companies as well as business organisations and foreign goods and services to be produced and make available then it'll pass various production process until they finally which the final consumers as well as the final users of the products.

First of all raw materials are assembled combined mixed to form the goods and later on in the middle stage this goods and services are either delivered from the wholesaler to retailer after it must have been bought from their manufacturer by the wholesalers. From then there's good and services can be retailed in bits to final consumers.