Following are two statements with regard to product life cycle (PLC) :
Statement I : Product sales pass through distinct stages of PLC, each posing different challenges, opportunities and problems to the seller.
Statement II : A company's positioning and differentiation strategy must change as its product, market and competitors change over the product life cycle.
Which of the following options is correct ?
1
Statement I is correct, but II is incorrect
2
Statement II is correct, but I is incorrect
3
Both the statements I and II are correct
4
Both the statements I and II are incorrect