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
- The proper sequence of design of a product is
- Consider the following statements related to different stages of PLC and choose the correct code :
(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 : - Which of the following marketing strategies is/are not used in ‘growth stage’ of the product life cycle ?
In which one of the following product life cycle stages a firm improves product quality and adds new features and improved styling ?
Which one of the following customers are risk averse, technology shy, and price sensitive?
