<p><span lang=\"EN-US\"><span style=\"font-family: Times New Roman; font-size: medium;\">The typical Product Life Cycle (PLC) pattern consist of five distinct phases: Product development, Introduction, Growth, Maturity and Decline. When we observe the pattern of the profit function during PLC, we find that product generates profits only during the last three phases. Among the last three phases of the PLC, the profit function increases only during the growth phase and the time period of the growth phase is random. In the maturity phase profit level declines because of increased marketing outlays to defend the product against competition. In decline stage due to sales fall off, profits drop. Thus by observing the importance of the last three stages of the PLC in profit point of view, in this paper we developed a single period probabilistic inventory model for the three phase (growth, maturity and decline) PLC type demand function. Demand function depends upon price and time. Due to randomness of the growth phase, we consider the time epoch at which increasing phase ends, is a random variable. The beginning of the third phase allows for a sudden drop in demand. Optimal procurement and pricing policies are discussed. Conditions leading to concavity of the net profit function with respect to selling price and the time epoch at which inventory depletes completely are obtained. Solution procedure is provided. Demand comprising of backlogged shortage is sold at a discounted price. Numerical example and sensitivity analysis with managerial insights are presented. </span></span></p>