Quick Answer: What Is Product Life Cycle Explain The Stages In PLC With An Example?

What is the full form of PLC?

A PROGRAMMABLE LOGIC CONTROLLER (PLC) is an industrial computer control system that continuously monitors the state of input devices and makes decisions based upon a custom program to control the state of output devices..

How do you explain the product life cycle?

Product life cycle is the progression of an item through the four stages of its time on the market. The four life cycle stages are: Introduction, Growth, Maturity and Decline. Every product has a life cycle and time spent at each stage differs from product to product.

What is product life cycle plan?

The Product Life Cycle describes the stages of a product from launch to being discontinued. It is a strategy tool that helps companies plan for new product development and refine existing products.

Why is product life cycle important?

The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.

What are the 4 phases of the product life cycle?

As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.Introduction. The introduction phase is the period where a new product is first introduced into the market. … Growth. … Maturity. … Decline.

Which product is in introduction stage?

In the market introduction stage (following product development ), the product is released on to the market. Sales are low and costs are high in the market introduction stage, thus, no profits are made. There is little to no competition and demand must be created through heavy promotion.

What are the 6 stages of the product life cycle?

1. Development. The development stage of the product life cycle is the research phase before a product is introduced to the marketplace. … Introduction. The introduction stage is when a product is first launched in the marketplace. … Growth. … Maturity. … Saturation. … Decline.

What is brand life cycle?

October 2005. 2-1 Brand Life Cycle and Strategy. Generally speaking, every brand or product has its life cycle which spans from the time it is launched to the time it exits from the market. This cycle covers five stages, namely product development, introduction, growth, maturity and decline.

What is PLC explain its various stages through a diagram?

A product processes through a number of stages, such as from introduction to growth, maturity, and decline. … This sequence of stages is called Product Life Cycle (PLC). The PLC influences the marketing strategy and marketing mix of an organization.

What are the 5 stages of the product life cycle?

The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.

How many stages are there in PLC?

four stagesThe product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline.

What are the 7 steps of product development?

The seven steps of BAH model are: new product strategy, idea generation, screening and evaluation, business analysis, development, testing, and commercialization.

Why are laptops in the maturity stage?

The maturity stage is the stage where a product reaches its maximum sales as well as profits. … Although laptops are still relevant and gain profits for a company, their importance is starting to be lessened by the presence of tablets.