Asked by Andrew Oriold on Jul 04, 2024
Verified
During the ________ stage of the product life cycle, there are few but an increasing number of competitors.
A) growth
B) introduction
C) maturity
D) decline
E) innovation
Product Life Cycle
A concept that describes the stages a product goes through from introduction to growth, maturity, and decline in the market.
Competitors
Businesses or individuals that offer similar products or services within the same market, vying for the same clientele or market share.
- Perceive the concept of the product life cycle, along with its successive stages: introduction, growth, maturity, and decline.
- Analyze the role of competition throughout different stages of the product life cycle.
Verified Answer
US
Usman ShafiqJul 09, 2024
Final Answer :
A
Explanation :
During the growth stage, the product is gaining acceptance in the market and there are few but increasing competitors entering the market. The introduction stage is characterized by the presence of few competitors or even a monopoly, while the maturity stage has a high number of competitors and a stable market share. The decline stage has decreasing sales and likely a decreasing number of competitors. The innovation stage refers to the development of a new product, rather than a stage in the product life cycle.
Learning Objectives
- Perceive the concept of the product life cycle, along with its successive stages: introduction, growth, maturity, and decline.
- Analyze the role of competition throughout different stages of the product life cycle.
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