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The concept of the International Product Life Cycle (IPLC) explains how a product evolves through different stages in the global market and how its production, marketing, and consumption shift across countries over time. This theory, primarily associated with Raymond Vernon, highlights the dynamic nature of international trade and investment patterns in relation to product development and market maturity. It integrates aspects of innovation, comparative advantage, and globalization, making it highly relevant in International Marketing Management. In the initial stage, known as the introduction or innovation stage, a new product is developed and introduced in a developed country, typically where technological capability, research and development facilities, and high-income consumers are concentrated. Firms in such countries, like the United States or Western European nations, possess the resources and expertise to innovate. During this stage, the product is produced and consumed domestically, and there is minimal or no export activity. The focus of marketing efforts is on creating awareness, educating consumers, and establishing a market presence. Prices are generally high due to limited competition and high development ________ ______ ________ ________ ________.
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