Final answer:
Product life cycles are getting shorter due to rapid technological advancements and competitive market pressures, which accelerate the development and obsolescence of products.
This correct answer D Getting shorter
Step-by-step explanation:
Product life cycles refer to the period over which an item is developed, brought to market, and eventually removed from the market. Throughout history, these cycles have changed significantly in length. With the pace of technological innovation and changes in consumer preferences, product life cycles are generally getting shorter.
This is due to factors such as rapid advancements in technology, competitive pressures, and the continuous growth of production and consumption rates. Hence, the answer to the question is D. Getting shorter.
In business, understanding the life cycle of a product is crucial for strategic planning and marketing.
The Four Phases of the Business Cycle in economics are somewhat analogous to product life cycles, as they include different stages like growth and decline. The stages of product life should not be confused with human demographic stages addressed in figures related to population growth or with the life cycle of interest groups, though they all share the term 'life cycle'.