Question
Asked By at
Answered By Expert
Expert · 4.8k answers · 4k people helped
Answer
A. Introduction
Explanation
The product life cycle is a concept that describes the stages a product goes through from its introduction to the market until its decline. The stages include Introduction, Growth, Maturity, and Decline. During the Introduction stage, the product is new to the market, and consumers are not yet familiar with it. Therefore, it is crucial for marketers to educate potential buyers about the product's features, benefits, and how it meets their needs. This education is essential to create awareness and generate interest in the product, which can lead to early adopters and the beginning of the product's growth. In the Growth stage, the product's sales increase, and the focus shifts to expanding the market and increasing market share. In the Maturity stage, the product reaches its peak sales, and the market is saturated. The focus here is on maintaining market share and extending the product's life cycle. Finally, in the Decline stage, sales decrease as the product becomes outdated or is replaced by newer alternatives. At this point, the focus is on reducing costs and phasing out the product. Given these stages, the most critical time for educating potential buyers about the product is during the Introduction stage.
🧑🏫 More Questions
👉 Interested in exploring further?
Chrome Extension
1. Search answers from our 90+ million questions database.
2. Get instantly AI Solutions powered by most advanced models like GPT-4, Bard, Math GPT, etc.
3. Enjoy one-stop access to millions of textbook solutions.
4. Chat with 50+ AI study mates to get personalized course studies.
5. Ask your questions simply with texts or screenshots everywhere.