Discuss the below in a 2 page:
One of the major tools used by marketers is the product life-cycle (PLC). It's very helpful in explaining the diffusion (acceptance) process for markets/consumers. When a new concept is introduced by a given firm, customers may accept it easily or with great resistance.
Q1. What is going on in each of the 4 stages? You should include consumers, competition, total revenues and profits in your discussion.
Q2. How might decisions vary for each stage? In other words, what changes in products, pricing, promotion, and/or distribution might occur?
Q3. Refer Reliance JIO company - at which stage is your product? How do you know (based on the readings)? How is the stage impacting your problems/opportunities that you've chosen to address? Discuss.