PLC: Product Lifecycle

Definition of

PLC: Product Lifecycle

PLC is the process of managing a product from its conception to its retirement from the market.

Detailed Description of

PLC: Product Lifecycle

Product Lifecycle (PLC) is a term used to describe the stages of a product’s life from its conception to its eventual retirement. It is an important concept in product management, as it helps to identify the different stages of a product’s development and how they should be managed. The PLC consists of four distinct stages: introduction, growth, maturity, and decline. Introduction: This is the stage where the product is first developed and launched into the market. During this stage, the company must focus on creating awareness for their product and building customer demand. This includes activities such as advertising, promotions, and market research. Growth: During this stage, the company must focus on increasing sales and profits by expanding their customer base and improving their product offering. This includes activities such as expanding distribution channels, introducing new features or services, and increasing marketing efforts. Maturity: At this stage, the product has reached its peak in terms of sales and profits. The company must now focus on maintaining their current customer base while also looking for ways to increase efficiency and reduce costs. This includes activities such as streamlining processes, improving customer service, and introducing new pricing models. Decline: At this stage, sales have begun to decline due to competition or changing consumer preferences. The company must now focus on reducing costs while also looking for ways to extend the life of their product by introducing new features or services or targeting new markets. The PLC is an important concept in Product Management as it helps companies understand how their products are performing in each stage of their lifecycle so that they can make informed decisions about how best to manage them going forward.

Examples of

PLC: Product Lifecycle

1. Product Design: This is the first stage of the product lifecycle, where the product is designed and developed. This includes researching customer needs, creating a prototype, testing it, and refining it until it meets customer expectations. 2. Production: Once the product design is finalized, production begins. This involves manufacturing the product in large quantities and ensuring that quality standards are met. 3. Distribution: The next step in the PLC is distribution, which involves getting the product to customers through various channels such as retail stores or online stores. 4. Consumption: The final stage of the PLC is consumption, which is when customers actually use or consume the product. This can involve using it for its intended purpose or reselling it to others.

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