BUISENESS MANAGEMENT
MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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stages a product goes through from development to decline
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the difference variations of the product
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the level of adoption as it goes through its life
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prediction of the future of the product
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Detailed explanation-1: -As mentioned earlier, it includes 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. We still use this model today.
Detailed explanation-3: -Characteristics of the growth stage include: We usually observe rapid increases in sales. Sales increase at an increasing rate. Competitors start to appear in the market.
Detailed explanation-4: -The 4 stages of the product life cycle are introduction, growth, maturity, and decline.