Question: One of the major tools used by marketers is the product life-cycle (PLC). It's very helpful in explaining the diffusion (acceptance) process for markets/consumers. When a new concept is introduced by a given firm, customers may accept it easily or with great resistance. To understand the concept, go to this site and read:
The Product Life Cycle - Managing Your Product to Maximize Success (By the Mind Tools Content Team)
Next, go to this site and click on each stage (top of the page): Introduction, growth, maturity, and decline.
productlifecyclestages's website
Answer these questions: Upload a Word doc. - limit 2 pages.
1. What is going on in each of the 4 stages? You should include consumers, competition, total revenues and profits in your discussion.
2. How might decisions vary for each stage? In other words, what changes in products, pricing, promotion, and/or distribution might occur?
3. Refer Reliance JIO company - at which stage is your product? How do you know (based on the readings)? How is the stage impacting your problems/opportunities that you've chosen to address? Discuss.