Final answer:
The product life cycle consists of four stages: introduction, growth, maturity, and decline. Promotion plans are strategies that companies use to promote their products.
Step-by-step explanation:
The product life cycle is a concept that describes the different stages that a product goes through from its introduction to its eventual decline. It consists of four stages: introduction, growth, maturity, and decline. During the introduction stage, the product is launched and promoted heavily to create awareness and generate initial sales. In the growth stage, sales start to increase rapidly as the product gains acceptance. The maturity stage is characterized by stable sales and intense competition. Finally, the decline stage occurs when sales start to decrease, and the product is eventually phased out.
Promotion plans are strategies that companies use to promote their products or services to the target market. These plans include various marketing tactics such as advertising, public relations, sales promotions, and personal selling. The specific promotion plans for a product can vary depending on factors such as the target market, competition, budget, and marketing objectives.