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Explain How The Product Life Cycle Can Be Applied To An Industry Of Your Choice

The product life cycle (PLC) describes the stages a new product goes through from beginning to end.
PLC includes four major stages: market introduction, market growth, market maturity and sales decline.
I decided to take an industry of cameras production as an example. I will show an application of PLC to the period, when cameras producers introduced such new product as digital cameras.
In the market introduction stage, when this type of cameras were introduced to a market for the very first time, customers were absolutely unfamiliar with this type of product, its availability and advantages, so sales of digital cameras were extremely law. Furthermore, industry in a whole also made a loss, because there were numerous expenditures: before introducing such cameras to the market it was essential to make a profound research and development of the product (e.g. find out whether it is worth apply this innovation, whether people really need such product, cost of its production); after......


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Approximate Word Count: 703
Approximate Pages: 3 (250 words per double-spaced page)

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