MANAGEMENT

Detailed explanation-1: -The growth stage is when the market for the product is expanding and competition begins developing.

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: -At the mature stage, profits begin to level off. Sales continue to increase until the market is saturated with the product and competing products. Because of competition for market share, profits typically decrease earlier than sales. In its decline stage, profits are very low even with considerable sales.

Detailed explanation-4: -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.

Detailed explanation-5: -For any product, it’s PLC will go to the decline stage, where the product’s sales and profits fall very quickly, and most competitors leave the market. Sales Promotion Strategy: Reduce to a minimal level. Thus, option 2 is the correct answer.