Question

When a product experiences an increase in the number of competitors, it is usually in the _____ stage of the product life cycle; however, when that competition becomes intense, it is in the ____ stage

Answer 1

Answer:

Growth stage, Maturity stage

Explanation:

Product life cycle can be defined as the various stages that a product undergoes from the period that it is brought into the market to the period in which it is withdrawn from the market.

The four stages involved in the product life cycle include:

- Introduction stage

- Growth stage

- Maturity stage

- Decline stage

Growth stage is the stage in which the product experience a high rate of sales and profit. In this stage the public is fully aware of the product potential. There is also a high level of competition in this stage.

Maturity stage Is the stage in which the sales of the product begins to reduce. In this stage, saturation of the product in the market is attained. A lot of companies begin to think of new ways to rebrand their products to meet up with the new market trends.