Final answer:
The (B) product life cycle refers to the stages a product goes through in the marketplace, from introduction to decline. It helps businesses understand consumer adoption and make marketing decisions.
Step-by-step explanation:
The product life cycle refers to the manner in which new products are adopted and spread throughout a marketplace. It is a model that describes the stages a product goes through from introduction to decline. The four stages of the product life cycle are introduction, growth, maturity, and decline.
During the introduction stage, a new product is launched and gains awareness among consumers. In the growth stage, the product experiences increasing sales and market share. In the maturity stage, sales reach their peak and competition becomes intense. Finally, in the decline stage, sales decline as the product becomes obsolete or replaced by newer innovations.
Understanding the product life cycle can help businesses determine appropriate marketing strategies and make informed decisions about product development and promotion.