Which is a limitation of the PLC concept quizlet?

Which is a limitation of the PLC concept? It does not tell managers the length of a product’s life cycle or its duration in any stage.

What are the limitations of product life cycle?

The major drawback of the product life cycle is that one can never predict the time that a product will take in each stage of the cycle. Sometimes it becomes difficult to distinguish one stage from another because very few people are keen to pay details of the flow of goods and services in the market.

What is PLC concept in marketing?

Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. … In this stage, there’s heavy marketing activity, product promotion and the product is put into limited outlets in a few channels for distribution.

What are the advantages and disadvantages of product life cycle?

Disadvantages of the Product Life Cycle

Varying Market Conditions: The market conditions vary from place to place, and the same product life cycle may not be suitable for every market. Inapplicable to Every Product: Some services like mobile network and computer software, keep on frequently updating from time to time.

What are the criticisms of the product life cycle?

Critics also allege that the PLC can lead to erroneous marketing decisions, such as premature withdrawal from markets. If management is mistakenly convinced that the product life cycle is declining and acts as though it is, a self-fulfilling prophecy can occur.

What is the criticism of the product life cycle concept?

Not all new products will follow the standard product life cycle curve/pattern. … Most marketing textbooks represent the same S shape/roller coaster shape PLC curve. This creates a false sense of security about the predictability of future sales.

Why are companies reluctant to use the PLC concept?

Cons of the Product Life Cycle

The product life cycle is too clean a picture. Sometimes a product’s sales might never rise beyond the introduction stage, or it may enter into a decline just before going into a subsequent rise.

What are the implications of the PLC model?

There are four stages in a product’s life cycle—introduction, growth, maturity, and decline. The concept of product life cycle helps inform business decision-making, from pricing and promotion to expansion or cost-cutting. Newer, more successful products push older ones out of the market.

What are product limitations?

Limitations of the Product Life Cycle. … Such fluctuations can arise due to production issues, seasonal sales of the product or due to any other reason. Delay in sales data – Another limitation for the product life cycle is that there is delay in collecting and analysing the sales data.

Which of the following is not included in marketing mix?

Target market is not an element of the marketing mix. A target market refers to a group of potential customers to whom a company wants to sell its products and services.

Which of the following is not included in product decisions?

Solution(By Examveda Team)

Warehousing is NOT included in product decisions. Warehousing is the act of storing goods that will be sold or distributed later.

What are the 5 stages of product life cycle?

There are five: stages in the product life cycle: development, introduction, growth, maturity, decline.

Can you market unsought goods?

Marketing unsought products can be a challenge. However, with the right tools and methods, a business can easily market a product in low demand and still sell it. By using all of these methods, any business can successfully market unsought products and eventually turn them into some of the top selling items they have.

What is meant by product life cycle management?

Product lifecycle management (PLM) is the process of managing a product’s lifecycle from inception, through design and manufacturing, to sales, service, and eventually retirement. As a technology, PLM software helps organizations to develop new products and bring them to market.

How PLC concept relates to a product class product form and a brand?

Product class, form or brand in the Product Life Cycle Stages. … While product classes have the longest life cycles, staying in the maturity stage for a long time, product forms tend to have the standard PLC shape.

Which is not a stage of product life cycle?

The life cycle has four stages—introduction, growth, maturity, and decline. While some products may remain in a prolonged maturity state for some time, all products eventually phase out of the market due to several factors including saturation, increased competition, decreased demand, and dropping sales.

What is PLC What are different types of PLC curves?

Shapes of PLC

The shapes commonly reported are classical bell shaped curve, growth- slump maturity pattern, cycle-recycle pattern, scalloped pattern, style, fashion, and fad. Growth-slump maturity pattern, exhibits an initial growth, followed by a decline and stability for fairly long time.