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The product life cycle concept is important because it tells the company at which stage the company's product is. The product life cycle indicates whether the product needs to be re-launched or it needs to be improved to get back to the growth stage or prevent the product from going to the decline stage. In the growth and maturity stage, the profits are maximum after which they start declining. Therefore it is very important to know the product life cycle of the company as well as of the industry.
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