Abstract
Abstract The product life cycle (PLC) is a marketing concept that describes the way the revenues from the sale of a product behave over time. Typically, the PLC is drawn as a bell curve with the life cycle being divided into several stages. The PLC has four stages: (i) introduction – the slow sales growth that follows the introduction of a new product; (ii) growth – the rapid sales growth that accompanies product acceptance; (iii) maturity – the peak of sales growth when the product has been accepted by most potential buyers; and (iv) decline – the decline of sales that results as the product is replaced (by a substitute) or as it discontinues in the market.
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