A manufacturing firm has recently launched a new product and has no competitors in the market.Innovators have started buying the product.In the context of the product life cycle, the product is in the:
A)growth stage
B)maturity stage
C)introduction stage
D)decline stage
E)levelling stage

Question

Quizplus · Accepted Answer

The product is in the introduction stage of the product life cycle. This is because it has just been launched and there are no competitors in the market yet. The innovators are the first group of customers to adopt the product. As the product gains more exposure and acceptance, it will move into the growth stage.

A Manufacturing Firm Has Recently Launched a New Product and Has