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5.4 Product Life Cycle (PLC)
A product's life cycle is the period of time between its introduction to the market and its
removal from the shelves.
Management and marketing experts use product life cycles to assist define advertising
schedules, price points, expansion into new product markets, packaging redesigns, and
more. Product life cycle management refers to these strategic approaches of product
support. They can also assist in determining when newer products are ready to displace
older ones.
5.4.1 Stages of Product Life Cycle
Figure 5.9: Stages of Product Life Cycle
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