The concept of product life cycle can be used to choose which strategy is appropriate for a given product at a particular point in time.

Question

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The product life cycle concept involves the stages of introduction, growth, maturity, and decline that a product may go through over time. Each stage requires a different strategy to maximize profits and maintain market share. Therefore, understanding where a product is in its life cycle can help determine the most appropriate strategy to adopt.

The Concept of Product Life Cycle Can Be Used to Choose