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Product Life Cycle (PLC) refers to the various stages through which a product passes from its introduction into the market until its withdrawal or decline. It is an important concept in Marketing Management because it helps marketers understand changes in sales, profits, competition, customer behaviour and marketing strategies over the life of a product. 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. At this stage, the product is unfamiliar _________ _______ ____ ________ __________ _________ ____.
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