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?

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

What is the purpose of extending the product life cycle?

<p>To improve sales (B)</p> Signup and view all the answers

What does product life cycle management (PLM) integrate?

<p>People, data, processes and business systems (D)</p> Signup and view all the answers

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

<p>It can reveal the buyer personality characteristics (C)</p> Signup and view all the answers

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

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

What are the characteristics of PLC stages?

<p>They involve many professional disciplines and require many skills, tools and processes (A)</p> 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.

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What is the purpose of extending the product life cycle?

Extending the product life cycle aims to boost sales by keeping the product relevant and attractive to customers for a longer period.

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What does product life cycle management (PLM) integrate?

Product life cycle management (PLM) brings together people, data, processes, and business systems to manage the entire lifecycle of a product, from concept to retirement.

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

User-generated contents (UGC) can reveal buyer personality characteristics, which can help businesses understand where a product fits in its life cycle.

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

It gets tricky when a product is transitioning between stages, as its characteristics may blur, making it hard to pinpoint its exact stage.

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What are the characteristics of PLC stages?

Every stage of the PLC requires specialists, tools, and processes from different fields to effectively manage the product in that stage.

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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.

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