Can You Briefly Explain The Product Life Cycle And Its Utility?

A Product Life Cycle is basically a sequence of several stages through which a new product progresses through its life. These stages are:
- Introduction
- Growth
- Maturity
- Decline

Product life cycle is very important concept. Product life cycle management actually helps the management in devising strategies for the different stages of the product based on the product and market needs. The PLC implies that the condition in which a specific product is sold is actually changing over time. So its management is very important. The various stages of the Life cycle of a product present a number of opportunities, challenges and also problems. So if a company knows about the PLC stage of a product it would be in a better position to tackle with all these opportunities, problems and challenges.

(a) explain the product liife cycle concept and its importance inmarket managament.
(b)discuss the key situtional characteristics tha are observable at each stage of the product life cycle.
(c)Explain the changes in the markting mix or strategies required at each stage and how such changes may impact on sales.