Question

According to the product life cycle concept, ______ is a period of slow sales growth as the product is introduced into the market. Profits are non-existent in this stage because of the heavy expenses of product introduction.

Answer 1

The period of slow sales growth as the product is introduced into the market is introduction stage.

What is product life cycle?

Product life cycle refers to the various stages that a product undergoes from it's introduction to the market to its decline from the market.

The stages of product life cycle

• Introduction stage
• Growth stage
• Maturity stage
• Decline stage

The introduction stage is the first stage of the product life cycle. The company creates awareness about its product or service in the market. The producer doesn't make profits at this stage because of the cost of awareness.

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