Product life cycle refers to the length of time from when a product is introduced in the market until its removal from the shops/Stopped production.
PLC is classified into 4 or 5 stages.
1 & 2: R&D and Introduction
3: Growth Phase
Few KPIs are stated in the below graph from Kotler.
When Hyundai’s Creta started losing against Kia Seltos, Creata launched its new Facelift version.
Another example: After the success of Tata Tiago, they entered the premium hatchback segment with Altroz to fend off Maruti’s Baleno.
Check out how Microsoft expanded its Microsoft Office suite? You will get the idea.