Class 12 Business Studies - Chapter Marketing NCERT Solutions | Explain the term 'product life cycle
Explain the term 'product life cycle.'
The product life cycle (PLC) refers to the stages a product goes through from its introduction to the market until its eventual decline. The stages include:
- Introduction: The product is launched, and awareness is built.
- Growth: Sales increase as the product gains acceptance.
- Maturity: Sales peak, and market saturation occurs.
- Decline: Sales decrease due to market changes or competition.
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