The four major stages of a product life cycle include

Asked by admin @ 22/11/2021 in Business viewed by 304 People

All products go through a product life cycle of ________ stages: ________.

A. four; introduction, growth, maturity, and decline
B. four; awareness, interest, trial, and adoption
C. three; new, improved, and obsolete
D. two; new and improved two; growth and decline

Answered by admin @ 22/11/2021

Answer:

Four; introduction, growth, maturity and decline

Explanation:

Product life cycle can be defined as the different stages that a product undergoes from its inception into the market till when it goes out of the market. It consists of four stages namely:

- Introduction

This is the first stage of a product life cycle. In this stage the newly developed product are released into the market so it can be purchased by potential customers. This stage is accompanied by high price, less competition.

- Growth

In the growth stage, there is an increasing demand for the product. This leads to an increase in sales, there is a a high rate of competition in this stage. In the growth stage different marketing strategies are introduced to promote the product.

- Maturity

In the maturity stage, sales of the product tend to drop due to a saturated market. In the stage the company develops news ideas to rebrand their products so as to remain relevant in the market.

- Decline

In the decline stage, the sales of the product begins to drop as there is less demand for the product in the market.

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The four major stages of a product life cycle include

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