Why Is the Product Life Cycle an Important Consideration in Selecting

question 35

Essay

Why is the product life cycle an important consideration in selecting and developing a marketing strategy? What are the core differences among the PLC stages that force marketers to alter their marketing programs over time?

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Definitions:

Value of Money

The purchasing power of money, indicating the amount of goods or services that one unit of money can buy, subject to change due to inflation or deflation.

Interest Rate

The percentage of an amount of money which is charged for its use per a certain period, often annually, by a lender to a borrower.

Medium of Exchange

A medium of exchange is anything widely accepted as a form of payment, making trade easier by eliminating the need for a coincidence of wants.

Store of Value

An asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without significantly losing value.