The product life cycle (PLC) concept's value lies in its ability to help management look at the six different phases of a product in the context of the current market in order to maintain a sustainable competitive advantage over competitor offerings.
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The product life cycle (PLC) concept typically includes four phases: introduction, growth, maturity, and decline, not six. It helps management understand the product's stage in the market to strategize accordingly.

The Product Life Cycle (PLC) Concept's Value Lies in Its