4.7 The product lifecycle

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Which term describes the stage of the product life cycle when a product is at its most popular and sales are at their highest?: Maturity
Which term describes the stage when a product has just become available to buy and sales are starting from a low level?: Introduction
What is meant by 'growth' in the product lifecycle?: Sales are rising quickly as more customers buy the product
What is meant by 'product life cycle'?: The stages a product goes through over time, from development to decline
Which of these lists the five stages of the product lifecycle in the correct order?: Development, introduction, growth, maturity, decline
In the product lifecycle, which stage comes immediately after the introduction stage?: Growth
During which stage of the product lifecycle does a business pay for research and development while making no sales?: Development
Why are sales usually low during the introduction stage of the product lifecycle?: Customers are not yet aware of the product
Sales of a product have risen from 3,000 units a year to 40,000 units a year and are still climbing. Which stage of the product lifecycle is the product in?: Growth
Sales of a product have stayed at around 50,000 units a year for six years and are no longer growing. Which stage of the product lifecycle is the product in?: Maturity
Sales of a product have fallen every year for four years, from 90,000 units to 15,000 units. Which stage of the product lifecycle is the product in?: Decline
A new product went on sale two months ago. Sales are low but increasing and an advertising campaign has just started. Which stage of the product lifecycle is the product in?: Introduction
The product lifecycle plots the sales of a product against which of these?: Time
What is likely to happen to a product that reaches the decline stage?: It may be adapted or withdrawn from the market
During the growth stage, what typically happens to the amount a business spends on marketing?: It stays high while sales rise quickly
Why do sales of a product usually fall during the decline stage?: Customers are switching to newer or improved products
A product has been in the maturity stage for several years. What does the product lifecycle suggest will happen next?: Sales will fall as the product enters the decline stage
Which of these products is most likely to be in the introduction stage of the product lifecycle?: A fitness app launched by a small business last month
Sales of a product have stayed high and steady for over 25 years. What does this show about the maturity stage?: How long a product stays at maturity depends on the type of product

4.7 The product lifecycle

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