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Time when a new product is first brought to the market.

1 Answer

8 votes

Answer: introduction stage

Step-by-step explanation:

The introduction stage is the initial step in the product life cycle. In this stage, a business strives to raise awareness about the product or service to be sold. At this stage, there is little and even no competition.

Given that the product is new to the market, sales will probably be slow during this stage, so substantial investment in advertisements is required to ensure sales growth.

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