What is Product Life Cycle?
- The Product Life Cycle (PLC) is the life span of a product from development, through testing, promotion, growth and marketing, to decline and perhaps regeneration.
- A new product is first developed and then introduced to the market. Once the introduction is successful, a growth period follows with wider awareness of the product and increasing sales.
- The product enters maturity when sales stop growing and demand stabilises. Eventually, sales may decline until the product is finally withdrawn from the market or redeveloped.
- In the words of Arch Paton, "A product's life cycle is very much similar to human life cycle. A product is produced, increases speedily on demand and reaches maturity and then results in to decline."
- According to Stanton, "A product has to pass through various stages and different competitive environments from its introduction to decline.
- Its success (of life) is determined by the fact that how best it fits in such an environment and conditions.
- "According to Philip Kotler, "The product life cycle is an attempt to recognise distinct stages in the sales history of the product".