Product life Cycle year 10

What is the first stage of the product life cycle where the product is introduced to the market?

• Maturity stage

• Growth stage

• Decline stage

• Introduction stage

During which stage of the product life cycle do sales typically grow at an increasing rate?

• Introduction stage

• Growth stage

• Maturity stage

• Decline stage

In which stage of the product life cycle do competitors enter the market and the product reaches its peak sales?

• Introduction stage

• Decline stage

• Maturity stage

• Development stage

Which stage of the product life cycle is characterized by a decrease in sales and profits?

• Introduction stage

• Growth stage

• Maturity stage

• Decline stage

What is the process of creating a new product or improving an existing one called?

• Item fabrication

• Product enhancement

• Product development

• Merchandise evolution

When a product reaches a point where most of the target market already owns the product, it is said to have reached what?

• Product decline

• Market saturation

• Target market growth

• Market expansion

What are the key goals of the introduction stage of the product life cycle?

• Minimize awareness, discourage interest, and shrink the market for the product

• Create awareness, generate interest, and establish a market for the product

• Ignore awareness, avoid interest, and abandon the market for the product

• Reduce awareness, decrease interest, and eliminate the market for the product

What are some common strategies used in the growth stage of the product life cycle?

• Decreasing market share, closing distribution channels, and neglecting product improvement and innovation

• Maintaining market share, reducing distribution channels, and avoiding product improvement and innovation

• Increasing market share, expanding distribution channels, and investing in product improvement and innovation

• Reducing market share, limiting distribution channels, and ignoring product improvement

What are some challenges that companies face during the maturity stage of the product life cycle?

• Increased market demand, lack of competition, and high production costs

• Market saturation, increased competition, and the need for product differentiation

• Decreased competition, lack of market demand, and low production costs

• Decreased market saturation, lack of product differentiation, and low competition

What are some strategies that companies can use to extend the life of a product in the decline stage?

• Increasing production costs

• Reducing product variety

• Ignoring customer feedback

• Product diversification, targeting new markets, and implementing cost-cutting measures