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Meaning…The term Product Life Cycle denotes the stagesthrough which a product passes. Every productpasses through certain stages until it becomesobsolete and is discarded.
IntroductionStage…This is the first stage of PLC and started with thelaunching of new product in the market….Strategies of Introductiono Rapid skimming strategy…Stage….o Slow skimming strategy…o A rapid Penetration strategy…o A slow Penetration strategy…
Growth Stage…This is the stage during which the product isaccepted by consumers characterized by a rapidincrease in its sales volume and profits…
Maturity Stage…This stage is characterized by a continuousdecline in the growth rate of its sales value due tomore competitiors.This stage last much longerthan the growth stage….
Decline Stage…In the final stage of the product, the product losesits distinctiveness and becomes obsolete. Newproduct enters in the market and push out theexisting competiting products…