Product Life-cycle Strategies
The Product Life Cycle (PLC) is used to map the lifespan of a product.
There are generally four stages in the life of a product. These four stages are the product development, the Introduction stage, the Growth stage, the Maturity stage and the Decline stage.
Product development begins when the company finds and develops a new product idea. During product development, sales are zero and the company’s investment costs mount.
The introduction phase is when the public first sees or hears about a product. The product appears in stores for the first time, and people start seeing print and television ads
Introduction is a period of slow sales growth as the...