The Product Life Cycle (PLC) consists of 5 stages: Product Development, Introduction, Growth, Maturity and Decline.

a.) Explain how the profits and sales of a company change as as product goes through the PLC and why this concept is important for marketers to understand.

b.) Give an example of how the marketing mix for a company might change as a product goes from the introduction stage to the growth stage.

c.) What role do opinion leaders play in new product development acceptance?

d.) Finally, do most new products fail or succeed and why?

Be sure to explain your thinking behind each answer. If youd like, you may draw a diagram to help illustrate your answer