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make process planning for products more rational and scientific
provides and help Department to know changes the direct impact and indirect to its strategy in the market.
PLC analysis helps managers to answer the following questions:
What is the extent and status of a product at each stage of his life?
What's Phase, which is going through product ? What are the requirements?
What are the limits of knowledge required for this concept to be used effectively in the market?
Here are the main Life Cycle stages of a product:
Introduction: researching, developing and then launching the product.
Growth :when sales are increasing and growing fast.
Maturity : sales are near their highest, but growth is gradually declining.
Decline : final stage of the cycle, when sales begin to fall.
Moreover, the benefits of analyzing the life cycle of a product are several. Here are the main ones:
Shorter time to market
Reduced risks
Decrease costs
Increase productivity
Speed up the revenue growth
Drive innovation
Enhance product quality
Increase market share
Increase profitability
Eliminate costs ( Supply Chain strategies)
