The Product Life CycleThe product life cycle is an important concept in marketing. It explains the stages a product goes through from when it was first thought of until it finally is removed from the market. All products does not reach this final stage. Some continue to grow and others rise and fall. So ,this is basically an idea of product life cycle.Product life-cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life cycle . The situation or condition in which product is sold (advertising, saturation) keep changes over time .AimThe aim of P.L.C. are to minimize time to market, improve product quality, minimize prototyping costs, identify potential sales opportunities and revenue contributions, and minimise worst impacts at end-of-life. To create successful new products the company must comprehend its customers, markets and competitors.so the company focus on these factors.DEFINITIONAll products have a particular life time, which is called the product life cycle.
