BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The various stages of a product’s life cycle determine how it is marketed to consumers. Successfully introducing a product to the market should see a rise in demand and popularity, pushing older products from the market.

Detailed explanation-2: -The product life cycle involves the stages through which a product goes from the time it is introduced in the market till it leaves the market. A product life cycle consists of four stages: introduction, growth, maturity, and decline.

Detailed explanation-3: -There are four stages in a product’s life cycle-introduction, growth, maturity, and decline. A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows.

Detailed explanation-4: -Growth Stage. The usual characteristic of a successful new product is a gradual rise in its sales curve during the market development stage. At some point in this rise a marked increase in consumer demand occurs and sales take off.

Detailed explanation-5: -During the product saturation stage, competitors have begun to take a portion of the market and products will experience neither growth nor decline in sales. Typically, this is the point when most consumers are using a product, but there are many competing companies.