As a result of the rapid pace of innovation, Option(a) the product life cycles have become shorter.
The product life cycle is the period of time that elapses between the day a product is first introduced to the market and the day it is removed from the market. There are four stages in a product's life cycle: introduction, growth, maturity, and decline.
In addition to determining advertising schedules, price points, expanding to new product markets, and redesigning packaging, product life cycles assist management and marketing professionals in deciding how to create new products. Product life cycle management refers to these strategic methods of supporting development. New products can also determine when older ones should be replaced by updated ones.
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