The product life cycle is which of the following?
A)A product portfolio model, useful in determining future market share growth and market share
B)A useful tool for conceptualising the changes that may take place during the time that a product is on the market
C)A segmentation tool used to segment the marketplace, highlighting viable segments that are suitable for targeting
D)A market research tool, which analyses the usage of a product during its lifetime (e.g. length of usage, how many people have used the product etc.)

Question

Quizplus · Accepted Answer

The product life cycle is a useful tool for conceptualising the changes that may take place during the time that a product is on the market, including introduction, growth, maturity, and decline stages. It helps businesses to understand the current stage of a product and make informed decisions about marketing strategies, product development, and investment. The other choices are not accurate descriptions of the product life cycle.

The Product Life Cycle Is Which of the Following