marketing LED (light-emitting diode) lightbulbs, such as the Cree LED bulb, have been available for only a few years in low ligh
ting levels (lumens). They are designed to replace incandescent and compact fluorescent lightbulbs, in part because of a federal law that phases out incandescent lightbulbs in favor of more energy-efficient ones. LED bulbs are more expensive but will last up to 20 years. In what stage of the product life cycle is this product?
For every product there are 5 steps in the process called The Product Life Cycle which are Development, Introduction, Growth, Maturity and Decline. The product in the example is in it's introduction stage because of these reasons:
At this stage there is market development involved and product awareness is also not high by people.
To recover the development and marketing costs, the product is sold at a high price than it's competitors.
