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The Product Life Cycle (PLC).

The Product Life Cycle (PLC) is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots outleaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline).
In theory it's the same for a product. After a period ofdevelopment it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilises and the product becomes mature; then after a period of time theproduct is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn.

The Product Life Cycle (PLC) is based upon the biological lifecycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult theplant begins to shrink and die out (decline).
In theory it's the same for a product. After a period of development it is introduced or launched into the market; it gains more and more customers as itgrows; eventually the market stabilises and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes intodecline and is eventually withdrawn.
However, most products fail in the introduction phase. Others have very cyclical maturity phases where declines see the product promoted to regain customers.Strategies for the differing stages of the Product Life Cycle.
Introduction.
The need for immediate profit is not a pressure. The product is promoted to create awareness. If the product has no orfew competitors, a skimming price strategy is employed. Limited numbers of product are available in few channels of distribution.
Growth.
Competitors are attracted into the market with very similar...
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