The product life cycle (PLC) is a crucial concept that influences how businesses manage their product portfolios. The PLC consists of four stages: introduction, growth, maturity, and decline. Each stage presents unique challenges and opportunities that require different strategies. For instance, during the introduction phase, companies may need to invest heavily in marketing to build awareness, while in the maturity phase, the focus may shift to maximizing profits and optimizing costs. Understanding the PLC helps businesses make informed decisions about product development, marketing strategies, and resource allocation. By effectively managing transitions between these stages, companies can maintain a healthy and profitable product portfolio.