Question 1: In class we discussed the product life cycle. In three or four well developed paragraphs, describe the product life cycle. Describe the different phases of the life cycle, and what happens in the market durin each phase. For each phase list one product you believe is currently in that phase, and explain why you believe that to be true. Do not use products that are examples from the book. Finally, explain why product managers care so much about the product life cycle. Question 2: Jesse opened a food truck on January 1 of this year, and she is trying to determine if she will ever make a profit. She looks at the numbers and this is what she sees: So far this year she has averaged 36 sales a day, and revenue from those sales has averaged $8.45 per sale. The average sale consists of a burrito and a drink. Since she started up her food cart, her expenses have been: $17,000 for the food cart and setup $500/month for rent $125/month for insurance Question 1: In class we discussed the product life cycle. In three or four well developed paragraphs, describe the product life cycle. Describe the different phases of the life cycle, and what happens in the market durin each phase. For each phase list one product you believe is currently in that phase, and explain why you believe that to be true. Do not use products that are examples from the book. Finally, explain why product managers care so much about the product life cycle. Question 2: Jesse opened a food truck on January 1 of this year, and she is trying to determine if she will ever make a profit. She looks at the numbers and this is what she sees: So far this year she has averaged 36 sales a day, and revenue from those sales has averaged $8.45 per sale. The average sale consists of a burrito and a drink. Since she started up her food cart, her expenses have been: $17,000 for the food cart and setup $500/month for rent $125/month for insurance