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Definition: the Product Lifecycle is a product management term indicating the development stages which products or their category normally bypass.
The classic stages as described by Levitt in 1965 are:
- Introduction: The product is introduced in the market through a focused and intense marketing effort. Low competition.
- Growth: Increasing sales and the emergence of competitors.
- Maturity: Sales volume reaches a steady level and then starts to slow down. Loyal customers. Aggressive competition.
- Decline: decline in sales.
The PLC is typically - but not necessarily - bell curve shaped.
Also called: industry life cycle.