Commercial Applications
Assertion (A): The concept of the product life cycle suggests that all products follow a predictable pattern of stages from introduction to decline.
Reason (R): The length of each stage in the product life cycle is not fixed and vary based on industry or product type.
- A is true but R is false
- A is false but R is true
- Both A and R are true and R explains A.
- Both A and R are true but R does not explain A.
Answer
A is false but R is true
Reason — Assertion (A) is false because the product life cycle is not a universal law. Not all products pass through all stages; some fail in the initial stage, while others may reach maturity after a long time. Reason (R) is true because the length of each stage in the product life cycle is not fixed and varies according to the industry, product type and market conditions.
Related Questions
Statement 1: A product in the growth stage of its life cycle typically has low competition and high prices.
Statement 2: The maturity stage is characterized by intense competition and product differentiation.
Which of the following is correct?
- Only Statement 1 is correct.
- Only Statement 2 is correct.
- Both statements are correct.
- Both statements are incorrect.
Markup pricing is also called as
- Cost pricing
- Marginal priced
- Cost plus pricing
- Cost based pricing
Which of the following is not included in the function of physical supply?
- Standardization
- Storage
- Packaging
- Transportation
A company decides to change the packaging of its product to make it more eco-friendly. Which elements of the marketing mix does this decision impact?
- Product and Price
- Place and Promotion
- Product and Promotion
- Price and Place