What is the concept of the product that passes through various changes in its total life?

The concept of a product that undergoes various changes throughout its total life is known as the product life cycle (PLC). This cycle typically includes several stages: introduction, growth, maturity, and decline. Each stage is characterized by different levels of market demand, competition, and product development. Understanding the PLC helps businesses strategize marketing, production, and pricing to maximize a product's profitability over time.