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Question
Choose the correct sequence of the Product Life Cycle.
Options
Introduction > Growth > Maturity > Decline > Abandonment
Introduction > Maturity > Growth > Decline > Abandonment
Introduction > Growth > Maturity > Abandonment > Decline
Introduction > Maturity > Growth > Abandonment > Decline
Solution
Introduction > Growth > Maturity > Decline > Abandonment
Explanation:
- Introduction: The product is launched into the market. Sales are typically slow as the market is not yet aware of the product.
- Growth: Sales begin to increase rapidly as the product gains market acceptance.
- Maturity: Sales growth slows as the product reaches peak market penetration and competition intensifies.
- Decline: Sales and profits begin to fall as the market becomes saturated or as newer, better products enter the market.
- Abandonment: The product is eventually phased out or discontinued.
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