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Product Life Cycle (PLC) Stages:
The product life cycle has4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
First comeS to the market – This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector.
Increasing Market Share – The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase. This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.
Stagnation of the Growth stage – During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage.
Market started reacting to the supply and our stocks start accumulating– Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product. While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets.
Every product progresses through a sequence of stages from INTRODUCTION, GROWTH, MATURITY & DECLINE. This sequence is known as product life cycle (PLC)
Product life cycle refers to the presence of the product in the marketplace with respect to the ups and down in its business costs and sales activities. Products usually have a limited life and they pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different strategies in each life cycle stage.
The different stages in a product life cycle are:
Introduction stage-This stage refers to the period when the product has been introduced in the marketplace targeted to a specific or wide segments. Due to less demand at this stage the costs are high and the sales volume are low as also the competition is quite less in the market. Demand has to be created so that customers are inclined towards trying the product.
Growth stage- This stage refers to the period when the product has caught the market and the demand for it is steadily growing. During this stage the costs are reduced due to higher sales volumes as also the competition starts to begin with newer players. Prices are aimed to increase the market share along with profitability being high.
Maturation stage- This stage refers to the period when the product is well established and there is no need for publicity. During this period the costs are low and sales volume peaks with increase in competition .Prices tend to drop and industrial profit go down.
Decline stage: During this stage the product is on a decline in the market. Costs become counter-optimal and sales volume decline or stabilize. While profit becomes more a challenge of production/distribution efficiency than increased sales
It could refer to:
1- Public Limited Company, a type of limited company whose shares may be sold to the public.
2- Program Length Commercial, or infomercial.
3- Product Lifecycle (disambiguation), the succession of stages a product goes through.
4- Personal Line of Credit, credit extended by a financial institution to a customer.
(Programmable Logic Controller) is a digital computer used in electromechanical processes.
Is the electric electronic device contains a processor and memory make it capable of programming, storage and contains the entrances and exits to help him receive and send various types of signals in order to machines and processes control (industrial often) and are connected switches and sensors, motors, pumps, lamps (and many devices) on the entrances and exits.
Here's the list of the stages of the evolution of the (PLC) Frankish history:
1968: The idea of the governors of programmable.
1969 microcontroller (PLC) with logical instructions0.1 kb.
1974: the use of multiple processors and sports operations0.12 kilobytes.
1976: Remote Control points input and output systems.
1977 processors established or entered in the (PLC).
1980: the development of different types, sophisticated and distinct and software.
1983: Production (PLC) a low-cost small.
Development and modernization remained constant to the present time, commensurate with the development in all the different areas
Thanks Vinod !
Not far from neither the human life cycle nor mot genious and advanced human technology.
Agree with you all
The two given definitions related with PLC , in the business and the technology fields, are valuable.
PRODUCT LIFE CYCLE, stages are Introduction, growth, maturity and decline in the market.
I fully agree with the answer been added by MR VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
PLC means Product Life Cycle in business terms. There are three stages of PLC. 1. Introductory Stage (where the growth is slow with minimal profit) 2. Successful Stage (with improved distribution channels, growth rate rapidly expands)3. Maturity Stage (where the sales and profit stabilizes)
The Product Life Cycle
A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
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