Question

As illustrated in your book, how many stages make up the product life cycle concept?

Option 1: Two stages.
Option 2: Three stages.
Option 3: Four stages.
Option 4: Five stages.

Answer 1

The product life cycle concept consists of five stages including development, introduction, growth, maturity, and decline.

Step-by-step explanation:

The product life cycle concept is used in marketing to describe the stages a product goes through from when it is first introduced to the market until it is removed from the market. The number of stages in the product life cycle concept is Option 4: Five stages. These stages are development or introduction, growth, maturity, and decline. However, some models include a preliminary stage known as the pre-launch or research and development (R&D) stage, followed by the introduction stage.