Difine Product life Cycle

The Product Life Cycle (PLC) describes the stages a product goes through from its introduction to the market until its decline. The stages are:

1. Introduction: The product is launched, and marketing efforts focus on building awareness. Sales are low, and costs are high.
2. Growth: Sales begin to increase as the product gains market acceptance. Profits rise, and competitors may enter the market.
3. Maturity: Sales peak and then stabilize. The market becomes saturated, and competition intensifies, leading to price reductions.
4. Decline: Sales and profits begin to fall due to market saturation, changes in consumer preferences, or new technologies.

Understanding the PLC helps businesses strategize marketing, production, and pricing throughout a product's life.