Product Life Cycle Quiz

What is the first stage of the Product Life Cycle?

• Growth Stage

• Maturity Stage

• Introduction Stage

• Decline Stage

What happens to sales during the Growth Stage of the Product Life Cycle?

• Sales decline

• Sales plateau

• Sales grow rapidly

• Sales remain constant

What is the main challenge for marketers during the Maturity Stage?

• Increasing costs

• Decreasing competition

• Market saturation

• Low product awareness

Which stage is described as having a "new kid on the block" phase?

• Growth Stage

• Introduction Stage

• Maturity Stage

• Decline Stage

What is a significant factor in balancing costs during the Growth Stage?

• Decreasing demand

• Economies of scale

• High competition

• Low brand loyalty

Which stage is associated with the market's acceptance of a product?

• Introduction Stage

• Growth Stage

• Maturity Stage

• Decline Stage

What might companies do to prices during the growth stage to attract a broader customer base?

• Increase prices

• Keep prices constant

• Adjust prices based on market demand

• Eliminate prices

How does the product initially promote itself?

• Through celebrity endorsements

• Through user-generated content

• Through television commercials

• Through newspaper ads

What is the pricing strategy during the growth stage?

• Lower prices significantly

• Maintain premium pricing with different models

• Offer free products

• Increase prices drastically

What is a distribution strategy during the growth stage?

• Limit to local stores

• Expand to major electronics retailers

• Only sell online

• Only sell in small towns