The product life cycle (PLC) describes the life of a product in the market with respect to business/commercial costs and sales measures. It proceeds through multiple phases, involves many professional disciplines and requires a multitude of skills, tools and processes.


Market Introduction

This stage is characterized by a low growth rate of sales as the product is newly launched and consumers may not know much about it.

Growth

The growth stage is the period during which the product eventually and increasingly gains acceptance among consumers, the industry, and the wider general public.

Maturity

During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms. 


Decline Stage

s