4. Marketing Strategy for Product Life Cycle Stages
4.1 Product Life Cycle (PLC)
PLC represents age of any particular industry, product or service in which it goes through different stages. It mainly has four stages: introduction, growth, maturity, and decline. Kotler (2003) and Ferrell and Hartline (2010) have explained the features and key characteristics ateach stage of a PLC. These characteristics are presented in table 1.8