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PLC i.e., product life cycle represents the life of a product in the market place from its launch till its withdrawal. Theoretically PLC assumes a bell shaped curve, practical aspects may not adhere to the same.
business owners must be cautious of life cycle of the products marketed by them. The problem appears when the product hits the pinnacle of its sales, and then only nose-dives down the slide. If the trend is not arrested, the product faces the ultimate truth – withdrawal from the market, or death of the product. Business owner must take corrective actions when the sales are on their peak. Prominent action to be taken is to start replacing the product with another. The new product should be in tune with modern technologies or changing consumer behavior. Consider these two – mobile telephone instrument sellers launching instruments with more facilities or anti-dandruff shampoo relaunched with growth formula. These two examples illustrate the changes to be brought into the market place to avoid the trap of product maturity.
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