IGNOU MMPC 6 2026 2027 - Product Life Cycle (PLC)

Question

Product Life Cycle (PLC)

05 Aug 2026

Answer :

Word Count : 523

Product Life Cycle (PLC) refers to the various stages through which a product passes from its introduction into the market until its withdrawal or decline. It is an important concept in Marketing Management because it helps marketers understand changes in sales, profits, competition, customer behaviour and marketing strategies over the life of a product. The PLC generally consists of four major stages: introduction, growth, maturity and decline. The introduction stage begins when a new product is launched in the market. At this stage, the product is unfamiliar to consumers, and sales are generally low because awareness and acceptance are limited. Promotional and distribution expenses are high because the company needs to educate customers and establish the product in the market. Profits may be low or even negative due to heavy promotional and development costs. Marketing strategies at this stage focus on creating product awareness, encouraging trial and establishing distribution channels. Pricing may be high when the company follows a skimming strategy, or low when it adopts a penetration strategy to gain market share

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