“The product life cycle theory has many flaws, but it is still useful”. Explain this statement. What are the “many flaws” in the product life cycle theory? If the theory has many flaws, how can it still be useful?

1. “This company’ success is based entirely on being a market pioneer, being the first mover into new markets. I think it is the only way to build a successful company.”
“Being market pioneer is a bad idea. My company’s success is based on entering markets after they have become established.”
These two statements were made by the owners of two successful companies. Critically discuss and explain why they could express such different opinions. Illustrate your answer with examples of companies that succeeded and failed using these strategies and / or research findings that give evidence for success and failure for these strategies.