General Studies · Product Life Cycle

Considering the Product Life Cycle (PLC) framework in banking, evaluate the following statements regarding the strategic management of a product's lifecycle: Statement I: During the Growth stage of a digital lending product, the bank focuses primarily on expanding its distribution reach and acquiring new customers through aggressive digital marketing and API integrations to capture market share before competitors saturate the space. Statement II: In the Maturity stage, the bank often resorts to Product Extension strategies, such as adding instant top-up features or pre-approved limit enhancements to maintain the relevance of the loan product and retain existing customers against new entrants. Statement III: The Decline stage of a banking product is usually triggered only by a change in government regulations and never by a change in customer preferences or technological advancements that render the existing product obsolete or unattractive. Which of the options correctly identifies the valid statements?