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The International Product Life Cycle (IPLC) is a concept that explains the stages through which a product passes as it is introduced, grows, matures, and eventually declines in international markets. It extends the traditional Product Life Cycle concept to the global business environment by examining how production, trade, investment, marketing, and competitive conditions change among different countries over time. The concept is particularly useful in understanding why a product may be developed and initially produced in an advanced country, later manufactured in other countries, and eventually exported back to the original market from lower-cost production locations. The International Product Life Cycle is closely associated with Raymond Vernon, who developed the theory in the 1960s to explain international trade and foreign direct investment patterns. According to Vernon, technological innovation, market demand, production costs, and international competition influence the geographical location of production. The theory assumes that developed countries generally possess advanced technology, skilled labour, strong research capabilities, and consumers willing to purchase innovative products. As the product becomes standardized and competition increases, firms gradually shift production to countries where labour and other production costs are relatively lower. The first stage is the introduction or new product stage. At this stage, a product is newly developed in an advanced economy, usually in response to the needs and preferences of consumers in that market. Firms invest heavily in research and development, product design, testing, and promotional activities. Because the product is innovative and its market potential is uncertain, production tends to remain close to the firm's research facilities and major consumers. Close interaction between producers and customers helps firms understand changing preferences and make modifications to the product. During the introduction stage, production costs are ______ ________ __________ ________ __________ __________ _________ _______ ___ _____ _______ _____.
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