Asked by
Yoselin Romero
on Nov 20, 2024
Verified
The CEO of David's firm just came back from a business seminar. He called David into his office and stated, "I just found out about the product life cycle curve in a strategy seminar. This is a great tool. I want you to drop whatever you're doing and inventory all of our products to determine exactly where they are in the product life cycle." David needs to think fast for a good answer because he knows that
A) the product life cycle is not a useful concept.
B) it is often impossible to identify with precision where a product is in the product life cycle.
C) the product life cycle is not helpful in companies like his that pay attention to diffusion of innovation.
D) the idea has been discredited by recent research.
E) the product life cycle works only for certain types of firms.
Product Life Cycle
The course of a product's sales and profits over its lifetime, typically divided into introduction, growth, maturity, and decline phases.
Diffusion of Innovation
The process by which a new idea, product, or technology spreads through a culture or market over time.
Strategy Seminar
A workshop or meeting focused on planning and decision-making processes to outline and implement business strategies.
- Understand thoroughly the concept of the product life cycle, including its segments: introduction, growth, maturity, and decline.
Verified Answer
??
Learning Objectives
- Understand thoroughly the concept of the product life cycle, including its segments: introduction, growth, maturity, and decline.