The product life cycle describes the stages of its development when entering the market

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Understanding the concept allows you to build short-term and long-term sales forecasts gambling data korea and sell the product more successfully. When launching a new product on the market, modeling its life cycle helps strengthen its position in the segment and extend its life. When building a model, macroeconomic factors, market realities, and consumer behavior are taken into account. Read more about the stages of a product's life cycle and how to influence them in order to increase sales in our material.


Applications of the product life cycle concept The product life cycle (PLC) refers to the period of time during which a product is present on the market, going through four main stages – introduction, sales growth, maturity and decline, which results in the end of its sales. In simple terms, the PLC is the period of time a product is on the market. The American economist Theodore Levitt developed a fundamental theory that is used in almost any field.