Question

Steve, a retiree, wants to use his savings to open a day care facility for dogs. After deciding on the services that he would provide to his customers, he calculates costs versus the demand and the profit he could make depending on the volume of sales. After extensive deliberation, Steve decides to take a bank loan because the needed initial investment is too high for opening the facility. Steve is currently in the _____ stage of the new-product development process.

Answer 1

Answer:The answer is introduction stage

Explanation:

The product life cycle is a very important principle that every businessman and woman must be aware of if they want to continue the business..it is a principle which states that every product has a life span of useful existence. The product life cycle is made up of the following stages

Introduction stage: This is the stage of introducing the product into the market, it includes the stages of conducting research about the product to be introduced into the market,it also includes the investment of substantial resources with a view to yield returns on their investment in the future.

The growth stage: This is the stage of the acceptability of the product in the market by consumers. It is measured by the increasing sales of the product in the market .

Maturity stage: This is the stage of in which the product has become established and competitors have entered the market with similar products even with more improvement on their product.

Decline stage: This is when the stage has reach the saturated point. At this point the demand for the product in the market has become saturated as a result of the activities of the competitors in the market.