Asked by Martha Renteria on Jun 26, 2024
Verified
Define and describe the product life cycle stage in which laggards begin to purchase products.
Laggards
Describes consumers or organizations that are slow to adopt new technologies or innovations, often due to skepticism or lack of resources.
Product Life Cycle
The progression of a product through different stages from introduction to growth, maturity, and decline.
- Deliberate on the critical role of recognizing the product life cycle in developing marketing strategies.
Verified Answer
ZK
Zybrea KnightJul 01, 2024
Final Answer :
Most laggards begin to purchase during the decline stage of the product life cycle when sales, profits and competition are declining. Laggards make up about 16 percent of the market, and these consumers like to avoid change and rely on traditional products until they are no longer available.
Learning Objectives
- Deliberate on the critical role of recognizing the product life cycle in developing marketing strategies.
Related questions
Isabelle Has Just Taken Over a Line of Organic Cookies ...
How Do Marketers Benefit from Understanding Where a Product and ...
Which of the Following Is NOT a Challenge Presented to ...
Which of the Following Best Describes a Situation in Which ...
Marketers Can Most Likely Use the Product Life Cycle Concept ...