How do marketers benefit from understanding where a product and an industry are in the product life cycle?

Markets behave differently at different stages: competitors compete differently,sales are more profitable or less profitable,customers buy differently,and different customers buy.Different strategies and tactics work better than others at various stages in the product life cycle.Thus,understanding where a product and an industry are in the life cycle facilitates better prediction of competitor actions,of customer responses,and of sales trends and will inform considerations about what strategies are typically effective.Recognizing when the market is evolving from one "stage" to another-that is,anticipating "inflection" points-can create a significant advantage; missing such a shift can be a substantial disadvantage.