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The purpose of this, and the ongoing stages, is to reduce the number of ideas generated. The objective is to spot good ideas and drop inappropriate ones as soon as possible
Product development costs rise significantly in later stages, therefore it is financially important to remove ‘bad’ ideas early. A company wants to go ahead only with those product ideas that will turn into profitable products
The PLC concept can be applied by marketers as a useful framework for describing how products and markets perform over time
However, using the PLC concept for forecasting product performance, or for developing marketing strategies, can present some practical problems
Managers may have difficulty in identifying which stage of the PLC the product is in; pinpointing when a product moves from one stage to the next; and determining the factors that influence a product’s advancement through the various stages