Explain Product Life Cycle (PLC) with characteristics of any two stages. (Answer limit: 50 words, Marks 05) [RPSC 2023]
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The Product Life Cycle (PLC) describes the stages a product goes through from introduction to decline.
Introduction Stage: Low sales, high costs, and limited awareness characterize this phase. Marketing efforts focus on building demand.
Growth Stage: Sales increase rapidly, profitability rises, and competitors enter the market, prompting product enhancements.