Final answer:
The stages of the product life cycle in the given scenarios are introduction (new antiseptic hand wash), growth (increase in sales and profits), maturity (demand slows among competition), and decline (company considers withdrawing from the market).
Step-by-step explanation:
The scenarios described in the student's question correspond to the four stages of the product life cycle: introduction, growth, maturity, and decline. Initially, a company comes up with a new antiseptic hand wash, which denotes the introduction stage where the product is launched and demand starts to build. Then, the company experiences an increase in sales and earns profits, which signifies the growth stage, characterized by a rapid increase in sales as the product gains acceptance and starts to take hold in the market.
Next, the scenario where there is not much demand for hand wash among competing companies points to the maturity stage, where sales growth slows down because the product has achieved widespread market acceptance. Lastly, when a company decides to look into other options or withdraw from the market, it is facing the decline stage, where sales and profits begin to fall due to market saturation, changing consumer preferences, or technological advancements that make the product obsolete.