Based on business strategies and production, the statement that is true about product life cycles is "Early adopters buy in the introductory phase."
<h3>What is the Life Cycle of a Product</h3>
The life cycle of a product is a term that is used to describe the proportion of time a product goes from being introduced into the market by the producers until it's taken off the shelve.
Usually, the product life cycle is in different stages, and each of the stages is important to the success of the products in the market.
<h3>The Life cycle of a product is the following:</h3>
- introduction,
- growth,
- maturity, and
- decline.
Generally, the in the introduction stage of a product's life the early adopters are the first category of consumers that try new products before most other consumers key into it.
Hence, in this case, it is concluded that the correct answer is option c. "Early adopters buy in the introductory phase."
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Answer:
B
Explanation:
The Consumer Price Index (CPI) measures monthly changes in prices for a range of consumer products
Answer:
they have an opportunity to exploit network effects and positive feedback loops
Explanation:
The first mover advantage refers to competitive advantages that can be achieved by a firm that first enters a market or launches a new product first. E.g. Volkswagen has a first mover advantage in China because it was the first foreign car manufacturer to successfully a car factory there. Another type of first mover advantage would be the ones obtained by Apple for launching the first smartphone.
Network effects refers to a good or service becoming more valuable because more people purchase or use them, e.g. social media apps.
Positive feedback loops occurs when a company's output is used as a positive input in the productive system, e.g. when a company uses information gathered by customer service (CRM) to improve the products or services it offers.
Answer:
Company, Customers, Competitors, Collaborators, and Climate.
Explanation:
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Answer:
C. subtracting the competitive level producer surplus from the producer surplus associated with less output
Explanation:
A deadweight loss refers to a cost to society created as a result of market inefficiency. Market inefficiency occurs when supply and demand are out of equilibrium. It is also known as excess burden.
Deadweight loss is also created due to taxes as they prevent people from purchasing things that they would otherwise as the final price of the product increases.
The deadweight loss associated with output less than the competitive level can be determined by subtracting the competitive level producer surplus from the producer surplus associated with less output