Product Life Cycle (PLC): Introduced by Theodore Levitt (1965), it is the succession of marketing stages that a product goes through over time, from its development to withdrawal from the market. It helps in defining strategic actions at each stage as market conditions change.
Five stages of PLC: These are Development, Introduction, Growth, Maturity, and Decline. Each stage represents a different phase in the product's market presence, sales, and profitability.
Purpose of PLC in marketing strategy: The PLC provides a framework to adapt marketing mix decisions—such as pricing, promotion, and distribution—according to the product’s current stage, optimizing resource allocation and strategic focus.
1. What is the Product Life Cycle (PLC) primarily understood as?
2. Who is the author that introduced the concept of the Product Life Cycle, including the development stage?
3. Who introduced the concept of the Product Life Cycle (PLC)?
Product Life Cycle — stages?
Development, Introduction, Growth, Maturity, Decline
Development stage — focus?
Testing concept, refining product, minimizing risks.
Product Life Cycle — stages?
Development, Introduction, Growth, Maturity, Decline
Purpose of PLC — role?
Guides marketing strategies through product lifespan
Development stage — focus?
Market learning, product testing, risk minimization
Introduction stage — focus?
Creating awareness and stimulating demand
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