product life cycle

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A model which draws an analogy between the span of a human life and that of a product, suggesting that, typically, a product's life consists of four stages: introduction, growth, maturity, and decline. The concept is used as a tool to formulate marketing strategies appropriate to each of the stages. See also diffusion of innovation; product marketing.

The Product Life Cycle (PLC).

Reproduced courtesy of marketingteacher.com

Subjects: Business and Management.

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