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Question
Choose the correct sequence of the Product Life Cycle.
Options
Introduction > Growth > Maturity > Decline > Abandonment
Introduction > Maturity > Growth > Decline > Abandonment
Introduction > Growth > Maturity > Abandonment > Decline
Introduction > Maturity > Growth > Abandonment > Decline
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Solution
Introduction > Growth > Maturity > Decline > Abandonment
Explanation:
- Introduction: The product is launched into the market. Sales are typically slow as the market is not yet aware of the product.
- Growth: Sales begin to increase rapidly as the product gains market acceptance.
- Maturity: Sales growth slows as the product reaches peak market penetration and competition intensifies.
- Decline: Sales and profits begin to fall as the market becomes saturated or as newer, better products enter the market.
- Abandonment: The product is eventually phased out or discontinued.
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Explain the first two stages of product life cycle.
Explain the decline stage of the product life cycle.
Explain the strategies to be adopted during the growth stage of the Product Life Cycle.
Explain the second and third stage of product life cycle.
