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Question
Explain the abandonment stage of the product life cycle.
Solution
- Most firms shift their attention to other products, gradually phasing out the declining product. They abandon the product in order to make better use of their resources.
- Preferences of consumers may change and new innovations enter the market to take the place of the abandoned products.
- Some firms try to postpone abandonment by introducing new models with unique features. In case of heavy losses and no future, the firm may sell out and merge with a stronger enterprise.
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