Modifying a Product Is of Little Use as a Strategy

question 64

True/False

Modifying a product is of little use as a strategy in the maturity period of the PLC as the product's decline is irreversible at this stage.

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Definitions:

Sustainability

The practice of conducting business in a manner that does not compromise the ability of future generations to meet their needs, emphasizing environmental protection, social equity, and economic health.

Social Entrepreneurship

A practice of starting companies and other organizations to develop, fund, and implement solutions to social, cultural, or environmental issues.

Cause-related Marketing

A marketing strategy where businesses partner with causes or nonprofit organizations to promote a social issue or cause as part of their marketing efforts and to benefit mutually.

Strategic Philanthropy

Strategic philanthropy is a form of corporate social responsibility where companies align charitable activities with their business goals, often to achieve both social and business benefits.