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Test Your Knowledge on Product Life-Cycle Management Strategies

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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

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Description

Test your knowledge on the succession of strategies used by business management as a product goes through its life-cycle with this quiz on Product Life-Cycle Management (PLM). From introduction to decline, learn about the different stages of a product's life-cycle and the corresponding strategies implemented by businesses. This quiz will help you understand the importance of managing a product's life-cycle and the impact it has on a company's success. Keywords: product life-cycle, business management, strategies, stages, introduction, decline.