ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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has five major stages.
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shows that sales and profits tend to move together over time.
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describes the stages a new product idea goes through.
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applies more to individual brands than to categories or types of products.
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Detailed explanation-1: -A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.
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.
Detailed explanation-3: -As mentioned earlier, it includes four stages-introduction, growth, maturity, and decline.
Detailed explanation-4: -The product life cycle is the four stages a new product idea goes through from beginning to end. Market introduction, market growth, market maturity, and sales decline are the four stages of the product life cycle.