What is the Product Life Cycle?

The product life cycle (PLC) is used in marketing analysis to identify the different stages of sales of a particular product. These are the stages of the PLC: Introduction, Growth, Maturity, Decline. In the Introduction phase, profits are usually negative or low. More consumers begin using the product during the Growth stage. During Maturity and Decline, more competitors enter the market, and it is necessary for the company to decide whether to harvest the product from its remaining market share or to remove the product from the market.