Hello Marketing Gurus

Can PLC (product life cycle) model be applied to service company? Let's say a company provides tutoring services and has been in business for two full years. In two years time, it accumulated 200 students and sees potential for accumulating another 100 within a year. Can we use PLC model to say that the companies product (which is a service in this case) is in growth stage?

PLC model:

introduction=>growth=>maturity=>decline