Step 1: Core event. Activated PLC\(_\beta\) hydrolyzes membrane PIP\(_2\) to yield two second messengers: IP\(_3\) (cytosolic) and DAG (membrane-bound).
Step 2: Roles. IP\(_3\) triggers Ca\(^{2+}\) release from ER; DAG, together with Ca\(^{2+}\), activates PKC. PIP\(_2\) is the substrate/precursor, not itself a second messenger in this cascade. PIP\(_3\) belongs to the PI3K–Akt pathway, not the PLC–PIP\(_2\) cascade.