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Revisiting the Product Life Cycle

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  • Dennis Heffley

    (University of Connecticut)

Abstract

Simplicity of the basic product life cycle (PLC) concept helps to explain its popularity in economics, management, marketing, and other business-­‐related fields; but this simplicity also poses a risk of incorrectly estimating and misinterpreting the time paths of product sales and prices. This review highlights both theoretical and empirical applications of the PLC and offers some suggestions about how to improve applications of the concept. In particular, expanding the PLC framework to consider multiple determinants of sales and prices, rather than treating these outcomes as simple time-­‐dependent relationships, would enhance our understanding of market processes. JEL Classification: Key words:

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  • Dennis Heffley, 2016. "Revisiting the Product Life Cycle," Working papers 2016-36, University of Connecticut, Department of Economics.
  • Handle: RePEc:uct:uconnp:2016-36
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