ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following definitions best explains the product life cycle?
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The length of time for consumers to use up all of a product
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The length of time a product stays on a market
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Stages of sales that a product passes through
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Length of time taken to make a new product
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Explanation:
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: -Maturity Stage: During the maturity stage of the product life cycle, the sharp growth in sales begins to slow, and profits at the beginning of this stage decline. The most notable characteristic of this stage is the peaking of the product’s sales and profit curves.
Detailed explanation-3: -Decline Stage. The decline stage is the last stage of the life cycle. Characteristics of the decline stage include: Sales and profits decline.
There is 1 question to complete.