What is the product life cycle, and how does it differ from product diffusion?
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What is the product life cycle, and how does it differ from product diffusion?
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Explanation
The differences between product life cycle and product diffusion are-
Product life cycle deals with the sales of the product over time. While diffusion states the acceptance of the product into the market.
Product life cycle curve eventually stops if the consumer thinks not to buy the product. The product diffusion curves are continuous unless the acceptance of the product is done in the whole market.
Product life cycle curve depends on the stages the products go through. While diffusion curves will only depend on the adoption of the target consumers.
Verified Answer
The product life cycle is the process of flow of product from the introductory stage followed by growth, maturity and decline stage. While product diffusion refers to the percentage of the population who accept innovation at a given period of time.
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