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Product Life Cycle (PLC) refers to the stages through which a product passes from its introduction into the market until its eventual withdrawal. It is an important concept in Product and Brand Management because it helps managers understand changes in sales, profits, competition, customer behaviour, and marketing strategies over time. The PLC generally consists of four major stages: introduction, growth, maturity, and decline. The introduction stage begins when a new product is launched in the market. Sales are usually low because customers are not yet familiar with the product. The company may face high costs related to product development, ___ ____ ________ _____ ________.
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