What Is a Product Life Cycle (PLC)

question 8

Multiple Choice

What is a product life cycle (PLC) ?

• A)The impact of new products on the cycle of the business
• B)The stages of time on the market through which a product progresses; can be divided into introduction,growth,maturity and decline
• C)The time the product will remain relevant to the customer
• D)The stages of time on the customer through which a product progresses; can be divided into the following: the old,the replacement and the new customer

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Definitions:

Foreign Supplier

A business based in another country that provides goods or services to companies or consumers in a different nation.

Currencies

Different systems of money in use, recognized by various countries or regions for the exchange of goods, services, or debt.

LIFO Reserve

A LIFO reserve is an accounting metric that companies use to account for the difference in cost of goods sold (COGS) calculated using the Last-In, First-Out (LIFO) method and another inventory accounting method, often the First-In, First-Out (FIFO) method.

FIFO

A stock control method where the oldest inventory items are sold first, ensuring that the cost of inventory matches the actual flow of goods.