Question

Explain the significance of PLC.

Answer 1

Answer:

Significance of Product Life Cycle

The product life cycle concept indicates as to what can be expected in the market for a new product at various stages. i.e., introduction, growth, maturity and decline. Thus, the concept of product life-cycle can be used as a forecasting tool.

Answer 2

Explanation:

The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product's life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace