Introduction
The product lifecycle theory is not a new concept; it has been implemented in the product market for a long time. The significance of the product lifecycle theory is manifested through the number of studies, which have been conducted to understand its concepts. For instance, Mullor-Sebastian conducted a study, which intended to test the product lifecycle theory using three empirical tests. In his study, Mullor-Sebastian (95) states that developed countries are internationally competitive when it comes to growth products while less developed countries are competitive in mature products. Mullor-Sebastian’s tests for the product lifecycle theory are based on world production ...
