Question #1 Concept of product life cycle believes that any products go through a series of distinct stages, and in each stage a product’s sales change over time in a predictable way. What are product life cycle stages? Explain key characteristics in each product life cycle stage.
Question #2 The various stages of the product life cycle present different opportunities and threats to firms. Firms can do a better job of setting forth its objectives, formulating its strategies, as well as developing its action plans. List likely responses from companies in dealing with each major life cycle stage.
Question #3 Since product has its stages of life cycle, is it usually better for a firm to be the pioneer of a new product in hopes of maintaining a leading position as the market grows or to be a follower of a product that watches for possible pitfalls by the pioneer before joining with its own entry?