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hello let's learn about the plc or the product life cycle a product like human beings has a life it begins at a point of time and it also has an end so the stages of the product life cycle are the introductory stage the growth stage maturity stage and the decline stage in the introductory stage it is when the product is developed by the company and it is launched into the market once the commercial launch happens the product is out there for the public for consumption and then slowly it increases in its presence in the sales and it begins what is called the growth stage once the growth stage is achieved it continues and when the growth stage peaks it is said to have reached its maturity stage once a product is a mature product in the market it is already present in the market and established itself as a product that has considerable customer strength and after a period of time after a certain number of years or maybe shorter than that depending upon the product it reaches what is called the decline stage because for some reason that is different for each product the market begins to shrink customers are less and the product slowly reduces its the demand for the product slowly reduces and it reaches the end of its life sometimes products do get an extension of life through various modifications which are made in the product but many a time products do reach their end until they are withdrawn from the market now let's examine each of these as you can see here the introduction stage uh this when you plot it in a graph with the sales on the x-axis and the time on the i'm sorry the time on the x-axis and the sales on the y-axis you will see that the introductory stage is a stage where sales are the lowest and then the sales increases the through the growth stage and the maturity stage and towards the decline stage the sales goes down and at times as i mentioned the product does receive an extension but if it is not extended then it slowly reaches its end let's examine each of these stages individually the first one is known as the introductory stage in the introductory stage of just prior to the introductory stages where the new product development effort of the product of any marketing company happens before it anything is launched into the market there is an extensive extensive activity regarding new product development practices which include considerable research and development into the product understanding the market requirements ensuring that the product is created in such a way that it is able to satisfy the customer needs and slowly the product is tested and launched into the market once it is launched into the market the introductory stage starts and here in the beginning the sales will be zero and then slowly the sales and profits will be increasing but um the sales at the introductory phase is generally very slow the acceptance for the product will also be slow because the customers have to now accept have to know about the product and accept it and some customers the those who are called early adopters will have to purchase it and if there is a good review if there is a good feedback on the product then the uh product continues to grow in the market so in the beginning the sales will be less but growing the marketing efforts at this point of time is generally very very high there is a lot of marketing communications there is a lot of publicity there's a lot of advertising that is happening at the introductory stage because the market now needs to be aware that such a product is present and its benefit and attributes uh and features needs to be communicated to the public in general in case of retailers at this point of time the enthusiasm from retailers and shops and other agencies who are into the distribution part it will be much less because it is not a well-known product but if the product is from an accepted brand or from a very popular brand in that case their enthusiasm will definitely be higher the in investment at this time at this point of time is very very heavy and hence the profits generally are low or sometimes they are on the negative until they break even so the length of the spirit depends on the products complexity and the branding communication and a lot of other factors but at the end of this stage generally the product is is reaching a very steady growth stage it has uh um it is there is break even in terms of profitability and it's always better to have a shorter introductory cycle than to have a lengthier and a longer one now let's move ahead and examine the next stage which is the growth stage so in the growth stage there is a very quick increase in demand now you can see that the product is growing steadily the customer number of customers are increasing it is uh it has now become more or less it is becoming popular in the market people are aware about it and there is al also good feedback in the market about the product the distribution becomes quite strong there is a the product is easily available in the market and there is a positive impression regarding the poc regarding the product it is visible and people are willing to purchase hence there is a steady demand and there is a steady growth so the profits at this point are very high they rise rapidly uh competition now begins to enter the scene in the introductory stage if the product is completely new there will be very less of minimal competition now competitors are aware of the product and they also start coming in with the similar products and the competition stiffens then profits are very very high but at the same time there is also a marketing expense which is uh which kind of sets it off because to uh compete in the market with a very strong competition and to ensure that the product is distributed everywhere and present everywhere the cost tend to be quite high so this is the growth stage and the next stage will be the maturity stage in the maturity stage you will see that the sales have peaked they have reached a saturation limit and the product is now stable there is a stable sales volume price competition now comes in because price becomes a very uh important factor due to the presence of competitions which are similar competitors who are similar to the product and it continues uh to be profitable there is expenses in terms of distribution and advertisement but they are much less compared to that of a growth stage because the distribution is already established um advertisement which is done in the growth stage now ensures that the people are aware about it and there is uh there are loyal customers for the product and they will continue to buy these uh buy the product so this is the maturity stage and once the maturity stage is over we move into the decline stage or the last stage of the products life cycle in the decline stage the sales now goes down there is a loss of sales there is a loss of profitability priced products continue to be profitable for um a rather longer period of time in the decline stage but maybe towards the end of the decline stage or the last part of it the profitability also goes down uh the reason could be many maybe there are there is a change in technology there are alternatives available there are better methods of taking care of this customer's requirement that this product is uh filling a product is actually filling fulfilling the the profit margin goes down because the customers interest is less and the number of people who are buying has come down only very few loyal customers will continue to purchase the product during the decline stage and the sales rapidly goes down sometimes it reaches zero or sometimes it goes just goes down and reaches a very very steady low very low level and once the product reaches the decline stage and the profits are negative and the sales are negligible or minimal products are either withdrawn from the market and abandoned or sometimes the products are given a new life by creating extensions in such extension may be certain new features or certain new um additions are added to the product to make it attractive to the customers or certain changes are made in the product so that it is now able to compete with the new competition and then the product actually gets an extended lease of life for a further few few years or certain period of time uh but towards the end the product definitely comes to an uh comes to the abandonment stage or it stops its life and it reaches the end point and at that point the product life cycle is over that's it about the product life cycle and its four stages introduction growth maturity decline thank you