Question

The different stages a product goes through during its existence is known as ______.

Answer 1

The different stages a product goes through during its existence is known as the "Product Life Cycle."

Product Life Cycle is an economic term used to describe the transformation period of products or services offered by a business firm.

The Product Life Cycle usually goes through four different stages.

It begins with the Introduction Stage, followed by the Growth Stage, then followed by the Maturity Stage, and in certain situations, end with the Decline Stage.

Hence, in this case, it is concluded that the correct answer is the Product Life Cycle.

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