Question #1 Concept of product life cycle believes that any products go through a series of distinct stages, and in each stage a product’s sales change over time in a predictable way. What are product life cycle stages? Explain key characteristics in each product life cycle stage.Question #2 The various stages of the product life cycle present different opportunities and threats to firms. Firms can do a better job of setting forth its objectives, formulating its strategies, as well as developing its action plans. List likely responses from companies in dealing with each major life cycle stage.Question #3 Since product has its stages of life cycle, is it usually better for a firm to be the pioneer of a new product in hopes of maintaining a leading position as the market grows or to be a follower of a product that watches for possible pitfalls by the pioneer before joining with its own entry?