ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Which phase of the Product life cycle is when sales rise and competition start to notice your product.
|
|
Introduction
|
|
|
Growth
|
|
|
Maturity
|
|
|
Decline
|
Explanation:
Detailed explanation-1: -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. The boom is on. This is the beginning of Stage 2-the market growth stage.
Detailed explanation-2: -During the maturity stage, competition is at the highest level. Rival companies have had enough time to introduce competing and improved products, and competition for customers is usually highest.
Detailed explanation-3: -growth stage: The stage of the product life cycle where product sales, revenues and profits begin to grow as the product becomes more popular and accepted in the market.
There is 1 question to complete.