The product life cycle (PLC) describes the path of a product’s sales and profits throughout its life. It consists of five sequential stages that require different marketing strategies.
The stages of the PLC are: 1) Product Development (no sales); 2) Introduction (slow growth); 3) Growth (rapid increase in sales); 4) Maturity (slow growth); and 5) Decline (decline in sales and profits). Understanding the PLC helps managers make marketing mix decisions at each stage.
