Product Life Cycle Stages and Concepts

What does the product life cycle refer to?

• The design phase of a product

• The time period a product is in the market

• The process of manufacturing a product

• The marketing strategy for a product

Which of the following is NOT a stage in the product life cycle?

• Decline

• Introduction

• Growth

• Expansion

During which stage is a product first introduced to the market?

• Growth

• Introduction

• Maturity

• Decline

What is a key characteristic of the Growth stage?

• Rapid decline in sales

• High initial investment

• Significant increase in consumer demand

• Product discontinuation

Which stage is considered the most profitable in the product life cycle?

• Growth

• Introduction

• Decline

• Maturity