The product life cycle (plc) defines the life of a product in four basic stages, introduction, growth, maturity, and decline.
The product lifecycle is the process from the initial launch of a product to its rejection or removal from the market. The life cycle consists of four phases initiation, growth, maturity, and decline.
This theory suggests that at the beginning of a product's life cycle, all parts and labor associated with that product originate from the field in which it was invented. Production gradually moves away from the origin as the product becomes accepted and used in the global market.
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