Product Life Cycle Is Defined as

question 95

Multiple Choice

Product life cycle is defined as

• A)the average life span of a product.
• B)a concept that describes the stages a new product goes through from product concept to commercialization.
• C)a concept that describes the stages a product goes through in the marketplace-early growth,accelerated development,maturity,and decline.
• D)a concept that describes the stages a product goes through in the marketplace-introduction,growth,maturity,and decline.
• E)the amount of time it takes a product innovation to completely diffuse in the marketplace.

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Definitions:

Labor Rate Variance

The difference between the actual cost of labor and the expected (or budgeted) cost.

Actual Results

The real outcomes or results achieved and recorded after a particular period or activity, often compared against planned or forecasted results.

Standard Cost System

An accounting method that applies estimated costs to product units to predict production expenses and aid in budgeting.

Labor Rate Variance

The discrepancy between what labor actually costs and what was initially budgeted or considered as the standard labor cost.