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Question
In which stage of product life cycle, the company takes decision whether to maintain, harvest or drop the product?
Options
Introduction
Growth
Maturity
Decline
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Solution
Decline
Explanation:
In the decline stage of the product life cycle, sales and profits begin to fall as the product loses market appeal due to factors such as market saturation, technological advancements, or changing consumer preferences. At this point, companies must decide whether to maintain the product by finding new uses or markets, harvest it by reducing costs and continuing to sell as long as possible or drop it all together by discontinuing the product.
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- Explain the stage of the Company's Product Life Cycle mentioned in the paragraph with the help of a diagram.
- Name the service to be offered by the Company in the next phase. Explain any two characteristics of Services.
- Suggest any two modern ways of marketing the concept of a product. Explain.
Mention the various stages of 'Product Life Cycle'.
How is the product life cycle advantageous?
Explain the decline stage of the product life cycle.
Explain the abandonment stage of the product life cycle.
Explain the strategies to be adopted during the growth stage of the Product Life Cycle.
