Question

Product life cycle is defined as

a. the average life span of a product.
b. a concept that describes the stages a new product goes through from product concept to commercialization.
c. a concept that describes the stages a product goes through in the marketplace—early growth, accelerated development, maturity, and decline.
d. a concept that describes the stages a product goes through in the marketplace—introduction, growth, maturity, and decline.
e. the amount of time it takes a product innovation to completely diffuse in the marketplace.

Answer 1

The correct answer is option d.

Step-by-step explanation:

The product life cycle can be defined as a concept in marketing that describes the stages a product goes through in the marketplace. It is used by management and marketing professionals to decide when to increase advertising, reduce prices, expand to new markets, or redesign packaging.

This concept can be broken down into four stages:

• Introduction
• Growth
• Maturity
• Decline