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Developed nation Country X creates a ground-breaking electrical product. To make significant revenues, the nation markets its new product in other underdeveloped nations. This situation goes against "product life-cycle theory,"
Define the term product life-cycle theory?
A product's life cycle is the period of time between when it is initially presented to consumers and when it is withdrawn from circulation. Conception, growth, maturation, and decline are the four stages that make up a product's life cycle.
- There are five main stages that make up the product life cycle: product creation, market launch, growth, maturity, as well as decline.
- Every product will spend a varied amount of time in each stage, and various businesses will take different strategic methods to moving from one stage to the next.
Developed nation Country X creates a ground-breaking electrical product. To make significant revenues, the nation markets its new product in other underdeveloped nations.
- According to the argument, wealthy nations like the United States have an incentive to create new consumer goods.
- The hypothesis further contends that industrialized countries are always the first to market new goods.
Thus, this situation goes against "product life-cycle theory,"
To know more about the product life-cycle, here
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