Question

The product life cycle refers to __________.

a. the average life span of a product mix
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 harvesting
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 product life cycle refers to a concept that describe the stages a product goes through in the marketplace-introduction, growth, maturity and decline.

The product life cycle, is just that, a life cycle. Every product goes through this at one point and time, some just stick around awhile longer. Products that can pass introduction and grow at a steady rate are set up for future success.