Explain the concept of the product life cycle (PLC) and how it impacts the marketing of a product. Select one product or service on which to focus and explain where it is in the PLC. Include the strategic implications of being in this stage of the PLC. Explain the concept of branding. Why is branding important for a company? Think about a product you like and use on a regular basis and the company that makes the product. What kinds of spinoff products might this company consider producing? What kinds of marketing research could you conduct to determine if this spinoff or expanded product offering may be successful in the marketplace? How can you ensure validity and credibility in your research? How can you ensure that the answers you get from your market research assessments are accurate for guiding your decision? Justify your rationale.