The Product Life Cycle (PLC) describes the stages a product goes through from its introduction to its decline. It typically includes four main phases: Introduction, Growth, Maturity, and Decline. Each phase has distinct characteristics, such as sales volume, market competition, and profitability, which influence marketing strategies. During the Introduction phase, awareness is built, and sales are low. In the Growth phase, sales increase rapidly as the product gains acceptance. The Maturity phase sees peak sales, while competition intensifies. Finally, in the Decline phase, sales decrease due to market saturation or changing consumer preferences, prompting companies to reevaluate their strategies.