The industry life cycle can be rejuvenated at any stage by product innovations that attract new customers or convince existing customers to buy the new product.

Question

Quizplus · Accepted Answer

Product innovation can disrupt the industry life cycle and create new growth opportunities at any stage. It can generate new demand, increase profitability, and improve competitiveness. Therefore, companies that invest in research and development and introduce new and improved products that meet customer needs and preferences are more likely to stay relevant and successful in the long term. However, the success of product innovation may depend on various factors, such as market conditions, technology trends, consumer behavior, and regulatory environment.

The Industry Life Cycle Can Be Rejuvenated at Any Stage