Product life-cycle
Product life-cycle Definition : The product life-cycle (PLC) refers to the different stages a product goes through from introduction to withdrawal. The product life-cycle refers to a likely pathway a product may take. It has implications for the marketing strategy of a firm as it seeks to introduce, grow and maintain market share. In this case, the product has four stages: Introduction – when the product is introduced and struggles to gain brand recognition Growth – advertising and word of mouth helps the product to increase sales. As sales growth, more firms are willing to stock the product which helps the product to grow even further. Maturity – When the product reaches peak market penetration. Decline – the product gets eclipsed by new products Example of the Product Life Cycle 2018 Introduction – Self-driving cars . Self-driving cars are still at the testing stage, but firms hope to be able to sell to early adopters relati...