Why Are Product Life Cycle Stages Used by Marketers

question 69

Multiple Choice

Why are Product Life Cycle stages used by marketers?

• A)The stages highlight the various market segments that exist
• B)Changes in market and competitive conditions between the PLC stages suggest that marketing strategies should be adapted to meet them
• C)To highlight brands that either need further investment or to be made obsolete
• D)These stages are used to focus and to adjust positioning strategies for these brands

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Definitions:

Bounded Rationality Model

An approach suggesting that decision-making is limited by the information available, cognitive limitations of individuals, and the finite amount of time they have to make decisions.

Political Model

A framework in organizational studies that examines the use of power and influence by individuals and groups within an organization.

Radio-Frequency Identification (RFID)

A technology that uses electromagnetic fields to automatically identify and track tags attached to objects, containing electronically-stored information.

Tag

A label or keyword assigned to categorize or identify information, making it easier to search or group related items.