Final answer:
The product life cycle (PLC) consists of stages like introduction, growth, maturity, and decline. Marketers use the PLC to develop suitable strategies for each stage, anticipate changes in the market, and allocate resources effectively.
Step-by-step explanation:
The product life cycle (PLC) refers to the stages that a product goes through from its introduction to its decline in the market. These stages include introduction, growth, maturity, and decline. In the introduction stage, the product is launched into the market, and marketers focus on creating awareness and building demand. In the growth stage, sales increase, and marketers aim to capture a larger market share. The maturity stage is characterized by stable sales, and marketers focus on differentiating the product and maintaining customer loyalty. Finally, the decline stage occurs when sales decrease, and marketers may either eliminate the product or introduce modifications to extend its life.It is important for marketers to use the PLC because it helps them understand the specific needs and challenges associated with each stage. By understanding which stage a product is in, marketers can develop appropriate marketing strategies, such as pricing, promotion, and distribution, to maximize sales and profits. They can also anticipate changes in customer preferences and market trends, allowing them to adapt the product or develop new offerings to stay competitive. Additionally, the PLC helps marketers allocate resources effectively and plan for product development and innovation.