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 ?
Both the statements I and II are correct
Both statements are correct. The product life-cycle model distinguishes introduction, growth, maturity and decline, each with different market conditions and challenges. Positioning and differentiation must therefore adapt as the product, its market and competitors change.
Important Questions from Product Life Cycle
Match List I with List II
List I
(PLC Stage)
List II
(Pricing Strategy)
A. Decline I. Price to match or beat competitors price B. Maturity II. Charge cost-plus price C. Growth III. Price reduction D. Introduction IV. Price to penetrate market Choose the correct answer from the options given below:
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
In which one of the following product life cycle stages a firm improves product quality and adds new features and improved styling ?
