Explain product life cycle
The product life cycle (PLC) is a framework used to describe the stages that a product goes through from its introduction to the market to its eventual decline and discontinuation. The product life cycle model is useful for understanding the sales and profitability of a product over time and for planning marketing strategies for each stage of the product's life cycle. The product life cycle is typically divided into four stages: introduction, growth, maturity, and decline.
Introduction Stage: The introduction stage is the first stage of the product life cycle. In this stage, the product is launched into the market, and sales are low. The focus of marketing efforts during this stage is to create awareness and generate interest among consumers. The product ________ _______ ____ _________ _________ _______ __________ ____ ____ __________.
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