Test Your Knowledge on Product Life-Cycle Management Strategies

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Questions and Answers

What is the goal of product life cycle management (PLM)?

To increase prototyping costs
To ignore potential sales opportunities
To increase environmental impacts at end-of-life
To reduce time to market (correct)

What does product life cycle (PLC) concern?

The life of a product in the market with respect to environmental impacts
The life of a product in the market with respect to business/commercial costs and sales measures (correct)
The life of a product in the market with respect to advertising costs
The life of a product in the market with respect to employee satisfaction

What are the major stages of product life cycle (PLC)?

Introduction, growth, maturity, decline (correct)
Introduction, growth, saturation, decline
Introduction, growth, maturity, revival
Introduction, saturation, maturity, decline

What is the assumption made by PLC management?

The product needs to be sold before it finishes its life (D) Signup and view all the answers

What is the purpose of extending the product life cycle?

To improve sales (B) Signup and view all the answers

What does product life cycle management (PLM) integrate?

People, data, processes and business systems (D) Signup and view all the answers

What is the benefit of user-generated contents (UGC) in identifying product life cycle stage?

It can reveal the buyer personality characteristics (C) Signup and view all the answers

What is the difficulty in identifying product stages when the product is in transition?

It is difficult to identify product stages when the product is in transition (A) Signup and view all the answers

What are the characteristics of PLC stages?

They involve many professional disciplines and require many skills, tools and processes (A) Signup and view all the answers

Flashcards

What is the goal of product life cycle management (PLM)?

The goal of PLM is to make products available to customers faster.

What does product life cycle (PLC) concern?

Product Life Cycle (PLC) looks at the entire journey of a product in the market, from its introduction to its eventual decline, taking into account business and sales factors.

What are the major stages of product life cycle (PLC)?

The major stages of a Product Life Cycle (PLC) are: Introduction, Growth, Maturity, and Decline.

What is the assumption made by PLC management?

PLC management assumes that a product must be sold before it reaches the end of its life. The product can't just sit on the shelf.