What is a primary advantage of the product life-cycle concept?

The product life-cycle concept is a valuable framework that outlines the various stages a product goes through from its introduction to its decline in the market. A significant advantage of this concept is its ability to assist businesses in developing strategies for extending the life of their products.

As a product progresses through its lifecycle—introduction, growth, maturity, and decline—companies can analyze the unique challenges and opportunities present at each stage. By understanding these phases, businesses can create targeted extension plans that involve rejuvenating products through new features, rebranding, or exploring new markets. This proactive approach can help maintain or improve sales and market presence even as the product reaches a mature or declining phase.

While other options certainly touch on aspects relevant to business strategy, they do not capture the comprehensive utility of developing extension plans as effectively as the correct choice does.