(a) Introduction – A period of slow sales growth and low profit.
(b) Introduction – A period of slow sales growth and non-existent profit.
(c) Growth – A period of rapid market acceptance and substantial profit improvement.
(d) Growth – A period of rapid market acceptance and slow profit improvement.
(e) Decline – Sales show a downward drift and profits stabilize.
(f) Decline – Sales show a downward drift and profits erode.
Codes :
Product Life Cycle Stages Explained
The Product Life Cycle (PLC) outlines the distinct phases a product experiences in the market. Evaluating the provided statements helps identify the correct descriptions for key PLC stages like Introduction, Growth, and Decline.
Introduction Stage Analysis
Statement (b) accurately defines the Introduction stage as "A period of slow sales growth and non-existent profit." In this initial phase, a product is newly launched, leading to low sales volume and minimal or negative profits due to high investment costs and limited market awareness.
Growth Stage Analysis
Statement (c) correctly describes the Growth stage: "A period of rapid market acceptance and substantial profit improvement." During this period, the product gains significant market traction, resulting in escalating sales and notably increasing profits as production becomes more efficient.
Decline Stage Analysis
Statement (f) accurately represents the Decline stage: "Sales show a downward drift and profits erode." This stage is characterized by decreasing sales figures and diminishing profits, often due to market saturation, changing consumer tastes, or technological advancements.
Identifying the Correct Code
By analyzing the characteristics of each stage:
- Statement (b) correctly describes the Introduction stage.
- Statement (c) correctly describes the Growth stage.
- Statement (f) correctly describes the Decline stage.
Combining these correct statements forms the basis for the correct code.
Important Questions from Product Life Cycle
Technical feasibility analysis will include which of the following?
A. Crucial technical specifications with respect to the design and product safety
B. Engineering requirements
C. Product development
D. Product testing
E. Plant location
Choose the correct answer from the options given below:
Out of the following, which are the CORRECT forms of Product Life Cycle:
A. Bell-shaped PLC
B. Scalloped PLC
C. Cycle-Recycle PLC
D. Growth-Slump PLC
Choose the correct answer from the options given below:
The product hierarchy stretches from basic needs to particular items in some sequence. Identify the CORRECT sequence or levels of the product hierarchy
A. Product type
B. Product family
C. Product class
D. Need family
E. Product line
Choose the correct answer from the options given below
Which of the following statements characterise the growth phase of product life-cycle?
(A) Build intensive distribution
(B) Maximize profit while defending market share
(C) Build awareness and interest in the mass market
(D) Diversify brand and items models
(E) Price to penetrate market
Choose the most appropriate answer from the options given below:
Following are two statements with regard to product life cycle (PLC) :
Statement I : Product sales pass through distinct stages of PLC, each posing different challenges, opportunities and problems to the seller.
Statement II : A company's positioning and differentiation strategy must change as its product, market and competitors change over the product life cycle.
Which of the following options is correct ?
