BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -Whether you are a new business owner or have run your small business for years, it is wise to familiarize yourself with the five cycles of change: startup, growth, maturity, transition and succession.
Detailed explanation-2: -The product life cycle is the progression of a product through 5 distinct stages-development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.
Detailed explanation-3: -Every business goes through four phases of a life cycle: startup, growth, maturity and renewal/rebirth or decline. Understanding what phase you are in can make a huge difference in the strategic planning and operations of your business.
Detailed explanation-4: -Identify Your Place in the 4 Stages of Business Growth Startup. Growth. Maturity. Renewal or decline.