Product life cycle Flashcards
1
Q
What are development and launch?
A
Development is the process of creating a product or service, while launch is the introduction of that product or service to the market.
2
Q
What is growth?
A
Growth refers to the stage in a product’s life cycle when sales and demand increase rapidly, often due to market acceptance and expanding customer base.
2
Q
What is maturity?
A
Maturity refers to the stage in a product’s life cycle when sales stabilize and growth slows, indicating that the product is well-established in the market.
2
Q
What is decline?
A
Decline refers to the stage in a product’s life cycle when sales decrease, often due to changes in consumer preferences, market saturation, or new competition.
