Business,Business plan,Marketing in Business

Products are like living beings they are conceived , born, grow , achieve maturity and finally die. During the conception and development phase , the product is in their pre-natal stage that is explained by the new product development process. After its introduction (birth) into the market and until its final elimination (death) it passes through four stages introduction , growth, maturity and decline. This process is popularly known as product life cycle (PLC). The product life cycle depicts the sales history of a product over time . The sales history of the product is presented graphically in the form a curve .

Every product has a limit life span. Different products have different life span. Some die within a month and some other live for hundreds of years. Products have limit life because of changes in consumers tastes and preferences and change in technology.

Although the consumer need , technology , and brands also have their own life cycle the PLC analysis is conducted at the level of a product category such as automobiles , personal computers, radios , television etc.