7 - The Product life cycle (PLC) - The stages of the PLC

Question 1

What are the 5 stages of the product life cycle?

Answer 1

• 1) Introduction
  Product is launched with publicity, following market research
• 2) Evolution/growth
  Advertising helps product sales to grow
• 3) Maturity
  Peak sales, important to keep the product in this stage for as long as possible
• 4) Decline/removal
  Consumers who wish to buy will have some so, meaning the product is eventually withdrawn
• 5) Extension/replacement
  Product is updated and improved to maintain sales