Because firms must be developing new products all the time, which of the following statements is true?
A) Competitors are likely to rapidly introduce product improvements in the market growth stage.
B) The developed economies experience technological advances quicker than the less-developed economies.
C) Although the life of different products varies, product life cycles are getting shorter.
D) One new invention may make possible many new products to replace old ones.
E) All of the above are true.

Question

Quizplus · Accepted Answer

A) Competitors will introduce product improvements during the growth stage as they attempt to capture market share.
B) Developed economies have more resources and funding for technological development, giving them an advantage in innovation.
C) Due to rapid technological advancements, product life cycles are indeed becoming shorter.
D) New inventions often lead to the development of multiple new products.
Therefore, all statements are true.

Because Firms Must Be Developing New Products All the Time