Product Life Cycle Quiz

Which of the following is NOT one of the main stages of the product life cycle?

• Inception

• Introduction

• Growth

• Maturity

What happens during the Growth stage of the product life cycle?

• The product is introduced into the market for the first time.

• The product is beginning to be recognized and is becoming more popular.

• The product has peaked in terms of costs, profits, and sales.

• The product is beginning to die out and more innovative products are starting to replace it.

Which stage of the product life cycle involves the product being introduced into the market for the first time?

• Growth

• Maturity

• Introduction

• Decline

During which stage of the product life cycle do sales and profits peak?

• Introduction

• Growth

• Maturity

• Decline

What is the primary focus of a company when a product is in the decline stage of its life cycle?

• Increasing advertising and promotional strategies

• Introducing the product into the market for the first time

• Recognizing and making the product more popular

• Decreasing investment in the product

Which of the following is an example of a company that would have a larger advertising budget and strategy?

• A small and medium enterprise (SME)

• A micro-enterprise

• A multinational business selling a luxury car

• A local grocery store

Product Life Cycle Curve

Which of the following is a characteristic of the Introduction stage in the product life cycle?

• Marketing costs are extremely high

• Product sales peak and market saturation is reached

• Costs become counter-optimal

• Production volumes increase

During which stage of the product life cycle do sales start to decrease?

• Introduction

• Growth

• Maturity

• Decline

What is a key characteristic of the Growth stage in the product life cycle?

• Sales are slow

• Product sales increase significantly

• Industrial profits decrease

• Remaining stock sold off