Asked by
Carson Lippa
on Nov 20, 2024
Verified
Which statement best explains the product life cycle?
A) the process by which the use of an innovation spreads throughout a market group over time and over various categories of adopters
B) the length of time a product exists in the marketplace before the market becomes saturated
C) the stages that products move through as they enter, get established in, and ultimately leave the marketplace
D) the time in which firms hire an outside firm to help generate ideas and develop new products and services
E) the process in which a product is analyzed and improved so that it does not infringe on the competitor's patents
Product Life Cycle
The progression of a product through stages from development and introduction to growth, maturity, and decline.
Innovation Spreads
The process by which a new idea, product, or method is accepted and adopted by the market or society.
Market Group
A set of consumers or businesses with similar needs or characteristics that a company aims to serve.
- Apprehend the framework of the product life cycle and its defined stages: introduction, growth, maturity, and decline.
Verified Answer
AM
Learning Objectives
- Apprehend the framework of the product life cycle and its defined stages: introduction, growth, maturity, and decline.