GROWTH DEVELOPMENT CHILD
DEVELOPMENT AND LEARNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To prevent imitators from entering the market
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To find new uses for the product
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To predict the length of the life cycle
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To adapt its marketing strategies
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Detailed explanation-1: -Product life cycles are used by management and marketing professionals to help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more. These strategic methods of supporting a product are known as product life cycle management.
Detailed explanation-2: -The life cycle of a product is broken into four stages-introduction, growth, maturity, and decline. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.
Detailed explanation-3: -The product life cycle is fluid, and your marketing strategy should be, too. Knowing where your products or services are in their life cycle will help you determine refinements or adjustments you may need to make to align those products and services with the vision and strategy you’ve already developed.
Detailed explanation-4: -Sound product lifecycle management has many benefits, such as getting the product to market faster, putting a higher quality product on the market, improving product safety, increasing sales opportunities, and reducing errors and waste.