A product's life cycle is divided into four stages: introduction, growth, maturity and decline. The correct answer would be option A.
Product life cycle tells us about all the stages that a product goes through from the moment it is released to the market until it is discontinued. An analysis of the product life cycle can assist businesses in developing strategies that allow them to maintain the durability of a product and even adjust to market circumstances. The product cycle includes four stages:
- Introduction: The product is initially released onto the market at this phase. A lot of marketing and promotional efforts are made to supply the product to the consumers. Capital is also acquired in this initial stage.
- Growth: Consumers begin to take action during the growth stage. They purchase the item, which raises sales by becoming well-liked. As the product gains greater popularity and sales, other businesses take note as well.
- Maturity: There is a decline in sales as the market reaches saturation during this period. Pricing starts to become competitive and the profit margins are reduced as a result. In this phase, marketing's goal is to ward off competition and new items may occasionally feature modifications.
- Decline: Sales decline when a commodity is in the decline stage because consumer demand and behavior have changed. Market share declines for the product, and competition deteriorates as well. The product eventually leaves the market.
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Full question: A product's life cycle is divided into four stages, which are: group of answer choices
introduction, growth, maturity, and decline.
introduction, growth, saturation, and maturity.
introduction, growth, stability, and decline.
introduction, maturity, saturation, and decline.
