<ul><li>Product Life Cycle (PLC) describes the stages of a product’s life, including its inception, development, introduction to the market, growth, and eventual decline or discontinuation.</li><li>The 4 stages of the Product Life Cycle are: Introduction, Growth, Maturity, and Decline.</li><li>Introduction stage: It is the beginning of the product's journey in the market, where awareness is created.</li><li>Growth stage: The product experiences increased market acceptance and sales, gaining popularity.</li><li>Maturity stage: The product reaches a stable position with consistent sales and widespread acceptance.</li><li>Decline stage: Sales and market demand start to decline, with shifting consumer tastes and introduction of newer technologies.</li><li>Understanding and strategically managing the product lifecycle is crucial for businesses to ensure success.</li></ul>

PRODUCT LIFECYCLE: IS IT IMPORTANT?

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