reflection about life is a cycle
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A Product Life Cycle (PLC) is significant because a company’s positioning and differentiation strategy must change as the product, market, ad competitor’s change over the PLC. The PLC has five distinct stages: product development starts when the business finds and develops a new-product idea. Next is the introduction stage, which is a period of slow sales growth as the product is introduced in the market. The third step is growth, a period of rapid market recognition and profits increasing. Maturity is the next step which is a period of slowdown in sales due to the product achieving success by most potential buyers. Lastly, the period of decline when sales decrease and profits drop(Kotler, 2013, p. 274). Not all products follow these five stages of the PLC. Some products are introduced and die quickly. As oppose to some products that stay in the mature stage for a long time. Life Savers come to mind when I think of this because I saw an ad for them recently celebrating 100 years of keeping your mouth fresh.