Question: need answers for both a) & b) 2 a) With the aid of a clearly labelled chart, explain the product life cycle(PLC) concept. What are

need answers for both a) & b)

2 a) With the aid of a clearly labelled chart, explain the product life cycle(PLC) concept. What are the key assumptions and limitations underlying the PLC concept? b) Explain, with the aid of appropriate figure(s), how does a marketer of new and novel product with strong patent protection for 20 years attempts to implement profit maximizing price discrimination over the PLC? Your answer must include the meaning of price discrimination. What are the important conditions under which such a pricing strategy would be successful

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