Briefly explain The Family Life Cycle Concept. Which of the stage(s) of the family life cycle constitutes the most lucrative segment for the following products?
(i) Home appliances
(ii) Baby food
(iii) Luxury products
Explain your answer with reasons.
The Family Life Cycle (FLC) concept describes the stages a family goes through over time, from formation to dissolution. Each stage has distinct consumer needs, preferences, and buying behaviors influenced by changes in family size, income, and roles. Marketers use the FLC to target products effectively according to _______ ___ _______ _________ ________ _______ __________ ___.
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