BUSINESS ADMINISTRATION
INTERNATIONAL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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phase 0: domestic innovation
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Phase 1: foreign innovation
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phase 2: mature
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phase3: scaling around the world
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phase4:reverse innovation
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Detailed explanation-1: -During this stage, production costs decline and sales are steady.
Detailed explanation-2: -When a product is in the decline stage, the sales drop due to a change in consumer behaviour and demand. The product loses its market share and competition also deteriorates. Eventually, the product retires from the market.
Detailed explanation-3: -There are four stages of the classical Product Lifecycle. These are: introduction, growth, maturity, decline. Product extension is when the product lifecycle is extended beyond decline by innovating a new growth curve.
Detailed explanation-4: -The Development Stage Every innovation goes through its own life cycle before it hits the market. From an idea, to a fully functioning, “ready to hit the market” product. This is known as the first stage of the Product Life Cycle-The Development stage.
Detailed explanation-5: -Growth Stage In the growth stage, sales revenue usually grows exponentially from the take-off point. Economies of scale are realized as sales revenues increase faster than costs and production reaches capacity. Competition in the growth stage is often fierce, as competitors introduce similar products.