A theoretical model describing a product's sales and profits over the course of its existence is known as the product ________.
A) lifetime
B) life cycle
C) pricing plan
D) rollout
E) concept analysis

Question

Quizplus · Accepted Answer

The product life cycle is a theoretical model that describes a product's sales and profits over the course of its existence. The life cycle consists of four stages: introduction, growth, maturity, and decline. During the introduction phase, sales and profits are low as the product is being introduced to the market. Sales and profits then increase during the growth phase as the product gains acceptance and market share. The maturity phase is when sales and profits peak, and competition is high. Finally, during the decline phase, sales and profits decline as the product becomes obsolete or faces increased competition. The product life cycle is an important tool for marketers as it helps in developing appropriate marketing strategies for each stage of the product's life.

A Theoretical Model Describing a Product's Sales and Profits Over