Successfully determining which stage of a product is in the life cycle is the biggest problem associated with using the product life cycle concept as a tool to guide marketing mix decision-making.
What is product life cycle concept?
The life cycle of a product is the time span between when it is first made accessible to consumers and when it is discontinued. The four phases of a product's life cycle are introduction, growth, maturation, and decline.
What are the marketing mix decisions?
Product, pricing, place, and promotion make up the marketing mix. The marketing mix is the collection of tactical marketing instruments that may be controlled and used by a business to elicit a specific response from its target market. It entails every action a business can take to affect consumer demand for its goods.
Learn more about marketing mix decisions: https://brainly.com/question/8696892
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