Understanding the product life cycle is important because:
A)Innovation investments need to be matched to the phase of a product's life
B)All products follow the same pattern of innovation
C)Major process innovations typically occur in the growth stage
D)The time between product launch and decline is typically very long

Question

Quizplus · Accepted Answer

Understanding the product life cycle helps companies make informed decisions about innovation investments based on where the product is in its life cycle. Different strategies may be required for each phase, and knowing when to invest in innovation can help prolong the life of the product.

Understanding the Product Life Cycle Is Important Because