Life cycle of a pr
Life cycle of a product
Product life-cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.
Product life-cycle (PLC) Like human beings, products also have an arc. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. To say that a product has a life cycle is to assert three things:
- Products have a limited life,
- Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller,
- Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.
The four main stages of a product's life cycle and the accompanying characteristics are:
|1. Market introduction stage||
|2. Growth stage||
|3. Maturity stage||
|4. Saturation and decline stage||