New-to-the-world products onlyWhen we look at the product life cycle, we are generally considering products that are new to the marketplace. That is, these are products that are not normally purchased by consumers. We are not looking at products that are new to the firm, but are new to the market.Therefore, in the introduction phase,

Product life cycle = stages of “life”The product life cycle (PLC) is a very common concept across all marketing textbooks. From the words “life cycle”, you should see the connection between a product and a biological life. Just as plants and animals progress through a life cycle, so does a product.Typically, in most marketing textbooks,

Following the period of growth, a market will reach the maturity stage of its product life cycle. This means that there is limited growth – usually in line with the economy – left in the market. Sales have maximized and are unlikely, generally, to change significantly in the foreseeable future. In other words, the market