Chapter 8 discusses developing new products and managing the product life cycle. Please provide a commentary of approximately 150 words (combined for...

Chapter 8 discusses developing new products and managing the product life cycle. Please provide a commentary of approximately 150 words (combined for both questions) on the following:

1. What is the product life cycle? Why is it important for marketers to know in which stage their product resides?

2. Give an example of a product which, in your opinion, resides in the Introductory stage, a product example for the Growth stage, a product example for the Maturity stage, and a product example for the Decline stage.