Question

The Instant Pot electric pressure cooker was introduced in 2010 and had a slow start, but word of mouth from social media and influential bloggers created an explosive growth in demand for the versatile multi-cooker. Competitors such as Ninja and Crock-Pot pressure cookers have entered the market and prices have begun to stabilize for Instant Pot. What stage in the product life cycle would the Instant Pot be

Answer 1

The  stage in the product life cycle of the Instant Pot would be "growth stage".

Stages in product life cycle:

There are four stages in the life cycle of a product in the market which are-

• Take-off stage or introduction,
• Growth stage or shake-out stage,
• Maturity stage and
• Decline.

The characteristics of Growth stage are-

• Increasing sales, customers and profit.
• Greater competition from fellow companies. As rival companies release similar products, the competition is frequently strong during the growth period.
• The product will move into the growth stage if it maintains its success and continues to satisfy market demands.
• Price undercutting in the growth stage is typically uncommon because businesses in this stage can boost revenue by luring in new clients.

The said product can be confirmed to be in the growth stage because it exhibits higher growth in demand by social media marketing. Also, it shows there was a rise in the rival companies Ninja and Crock-pot pressure cookers.

Learn more about product life cycle, here

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