When a product enters a market, it has a life cycle that traces its journey from being new and valuable to old and obsolete. It is referred to as the product life cycle or PLC. It (PLC) identifies and explains four stages of product development- introduction, growth, maturity, and decline. Show
In this article, you’ll learn: 
What is a product life cycle?A product life cycle is a management tool that evaluates a product’s journey from development to withdrawal from the market. As mentioned earlier, it includes four stages- introduction, growth, maturity, and decline. Here are some characteristics of a product life cycle:
How does PLC work?The PLC begins with an idea, which then undergoes further research and development (R&D) and turns into something that can be produced, marketed, and rolled out. Then, through marketing, sales, and SCM strategies, the product embarks on a journey towards growth, maturity, and eventually decline. Key takeaways:
What is product life cycle management?Product life cycle management, or PLM, oversees how a product moves from ideation to maturity. The PLM monitors the product’s design, manufacturing and production process, marketing strategies, and other critical product-related functions. Here is the primary function of the PLM:
What is a product life cycle strategy?Product life cycle strategy is the process of extending the life cycle of a product using different strategies. For instance, price skimming is a pricing strategy that brands adopt in the introduction stage to attract an audience. Benefits of using a product life cycle
Four Stages of Product Life Cycle
This is the first stage of the product life cycle, starting with product ideation and continuing until the product is introduced in the market. In this stage, brands conduct marketing and promotional activities, adapt product life strategies, etc., to ensure the product reaches its target audience.
In this stage, consumers start buying the product, it becomes popular, and its sales increase. In simpler words, the customer begins recognising the brand. In this stage, brands undertake different brand retention strategies to build a loyal customer base.
In this stage, sales slow down, indicating that the market has begun to reach saturation. With products reaching saturation, competition is higher than at another location, and profits start getting thinner by the day. In this stage, brands look for ways to innovate their product and strategies to increase their longevity.
While companies make all efforts throughout the different stages of the product life cycle to ensure that it stays alive in the market, an eventual decline cannot be ruled out. A decline’s characteristics are a drop in sales, affected revenue, changed consumer behaviour and fluctuating demand. <h3>Examples of a product life cycle</h3> Typewriter Typewriters were replaced by computers and laptops for their speed, effectiveness, and holistic experience. VCR VCRs were effectively phased out after the advent of CDs, DVDs, and the Internet. Electric vehicles Electric vehicles are currently in the growth stage because their demand is slowly picking up. Conclusion Every product undergoes a product life cycle. Although every product’s journey differs, the PLC remains the same- introduction, growth, maturity, and decline. Whether a fresher or an experienced product manager, knowledge of PLC will help you tactfully utilise the company’s resources, predict the future, and make strategic plans for product launches, among others. Emeritus India offers some of the best product management certification courses that provide comprehensive knowledge about PLC and equip you with advanced skills and knowledge to succeed in product management. What is meant by product life cycle?What is a product life cycle? A product life cycle is a management tool that evaluates a product's journey from development to withdrawal from the market. As mentioned earlier, it includes four stages- introduction, growth, maturity, and decline.
What are the 5 stages of product life cycle?The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline. A product begins with an idea, and within the confines of modern business, it isn't likely to go further until it undergoes research and development (R&D) and is found to be feasible and potentially profitable.
Why is product life cycle important?The product life cycle is important in marketing because it helps define and determine strategies related to a particular product. According to subjectquery.com, it works as “a forecasting tool, planning tool, control tool, and estimated for profits.”
Which stage in the product life cycle represents the level in which both sales and competition increase?Growth Stage.
The usual characteristic of a successful new product is a gradual rise in its sales curve during the market development stage. At some point in this rise a marked increase in consumer demand occurs and sales take off. The boom is on. This is the beginning of Stage 2—the market growth stage.
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