GENERAL KNOWLEDGE

Detailed explanation-1: -This should be a period of rapid growth in both sales and profits for your product or service . Your profits should rise through an increase in output and more competitive pricing.

Detailed explanation-2: -A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. Product life cycles are used by management and marketing professionals to help determine advertising schedules, price points, expansion to new product markets, packaging redesigns, and more.

Detailed explanation-3: -The maturity stage occurs after the introduction and growth stages. The maturity stage is the longest stage of the product life cycle. In this stage, sales growth begins to decline; the company reaches the highest point in the demand cycle; and advertising strategies have minimal impact on sales growth.

Detailed explanation-4: -Companies with products in the maturity stage of the life cycle see a peak in profits, and their sales are at their highest level. As a product matures, companies start to innovate and create new versions to cater to untapped customers and markets.